MFDP Advances Public Financial Management Reforms 2024-2027 PFM Strategy and Action Plans

The Ministry of Finance and Development Planning (MFDP), through its Public Financial Management (PFM) Reforms Coordination Unit, is holding a five-day technical session to evaluate the implementation progress of the 2024-2027 PFM Strategy and Action Plans.

Running from March 31 to April 3, 2025, the workshop brings together senior government officials, technical experts, and development partners to review the status of ongoing financial reforms aimed at strengthening Liberia’s financial management systems.

With technical assistance from the International Monetary Fund (IMF), the MFDP has spearheaded the development of the Public Financial Management Strategy & Action Plan (2024–2027), which was officially endorsed by the Cabinet on September 13, 2024.

This strategic roadmap outlines key reforms to enhance fiscal discipline, budget transparency, and accountability across government institutions.

Currently, several activities embedded in the PFM Action Plan are at various stages of implementation, while others are in the preparatory phase.

The ongoing workshop serves as a crucial platform to assess progress, identify challenges, and refine strategies to ensure effective execution.

A major focus of the technical session is the Budget Transfer Law and the Amended and Restated PFM Act of 2019. These legislative frameworks are vital for streamlining financial operations, ensuring efficient budget execution, and aligning Liberia’s public financial management system with international best practices.

High-level representatives from MFDP, key government agencies, and technical experts from the IMF and other development partners are actively engaged in discussions, offering insights and recommendations for strengthening the implementation of reforms.

The session, emphasized the government's commitment to fostering transparency, accountability, and efficiency in managing public resources.

“This workshop is an opportunity to take stock of our progress, confront challenges, and ensure that we stay on track in implementing reforms that will enhance fiscal governance in Liberia,”.

Participants are expected to engage in in-depth discussions on thematic areas outlined in the PFM Strategy, including: strengthening budget formulation and execution processes, enhancing revenue mobilization and expenditure management, improving fiscal oversight and public accountability mechanisms and integrating digital financial management systems for greater efficiency.

The outcomes of this technical session will inform next steps in policy implementation, ensuring that the PFM Strategy remains responsive to evolving economic and governance challenges.

The MFDP reaffirmed its commitment to sustaining momentum in public financial management reforms, with continued engagement from government entities, development partners, and other key stakeholders.

As the workshop progresses, stakeholders anticipate concrete recommendations that will further strengthen Liberia’s fiscal management framework, driving sustainable economic growth and development.