GoL Adopts Two New Financial Management Instruments

By P. Vangerline Kpotoe 

The Government of Liberia has introduced two significant public financial management regulations – the Amended and Restated Public Financial Management (PFM) Regulations and the Revenue Sharing Regulations.

A statement from the Ministry of Finance and Development Planning (MFDP) indicates that the decision was reached during a cabinet meeting chaired by President Joseph N. Boakai, Sr. on Friday, September 13, 2024, at the Executive Mansion in Monrovia.

The Amended and Restated PFM Regulations were adopted to serve as the framework for implementing the Amended and Restated PFM Law of 2019. Both the law and its regulations have been revised to align with the 2024–2027 PFM Strategy.

According to the statement, key provisions of the newly adopted regulations include the separation of the roles of the Comptroller and Accountant General from the Department of Fiscal Affairs, as well as the delegation of revenue generation and expenditure management to local authorities in line with the government’s decentralization policy.

The Revenue Sharing Regulations establish guidelines for enforcing the Revenue Sharing Law of 2021, along with provisions of the Local Government Act, which had previously been hindered by the absence of clear regulations.

The new regulations outline mechanisms for distributing revenue between central and local governments, including income from county services, natural resources, and real estate, among others.