President Submits Bill to Manage, Control Public Resources

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President Ellen Johnson Sirleaf has submitted a draft bill entitled “Amendment and Restatement of the Public Financial Management Act of 2009” in order for ministers, heads of agencies and autonomous agencies, including the Central Bank of Liberia, to manage and control public resources.

In her letter, read in Thursday’s session, she said the Public Financial Management Act of 2009 contains gaps and oversights that could be detrimental to the full and robust implementation and intent of the creation of the 2009 Act.

The President maintained that the need to amend and restate the previous act forms the basis for the current act, Amendment and Restatement of the Public Financial Management  Act of 2009.

The President said the purpose of the act is to include more detailed and specific contents that are germane to creating more ‘specificity, checks, and balances, accountabilities, responsibilities, authorities, and productivities among government ministers, agencies, enterprises, and stakeholders as it relates to public funds, spending, allocations, resources, and control.’

The president argued that the passage of the act will govern how ministries, ministers, heads of agencies and autonomous agencies, and the Central Bank of Liberia will manage and control public resources and all matters relating to the management of public finances.

She noted further that the act lays out fundamental procedures for the preparation, adaptation, and execution of final accounts of the national budget and related matters, including internal control, accounting and auditing of public finances and assets, as well as the arrangements for public debt.

The President said with the passage of the act into law by the Legislature, the government’s goal of the proper management of public finances will be attained.

The draft law was forwarded to the Committees on Judiciary and Ways, Means, Finance, and Development Planning to report within two weeks.

4 COMMENTS

  1. YOUR LEF PO-ELLEN MEHN! DAH NOT HER RULING LIBERIA! ELLEN MENTALLY ILL & HERT FAMILY KEEPING IT SECRET-O! ELLEN EVER TOOK INTERSTS IN PRESERVING LIB FINANCES TILL NOW? ALL LEY STEALING, MISMANAGEMENT, WASTE IN GOV’T, SHE GOT WAH” ONE GOOD MONTH LEF! CAN HARVARD UNIVERSITY AVVOUNT FOR ELLEN’S DISGREACEFUL LEADERSHIP OF LIBERIA? BARACK OBAMA, DAH YOU IVORY LEAGUE SDISTA-O! WAH’S YOUR PROGNOGSIS, OR EVEN DIAGNOSES?

  2. Come on, guys, it is never too late in the interest of the common good for a government to look back and try correcting what doesn’t work at all, or what only works partly: Experience is the best teacher in all things.

    The US government does that all the time, hence the Sarbanes – Oxley Act of July 30, 2002, also known as the “Public Company Accounting Reform and Investor Protection Act (in the Senate) and “Corporate and Auditing Accountability, Responsibility, and Transparency Act” (in the House), and more commonly called Sarbanes –Oxley. It was followed in 2010 by the Dodd – Frank Wall Street Reform and Consumer Protection Act. Its legislation creates a new systemic risk regulator called the financial Stability Oversight Council.

    If detractors decry every proposal the president makes because it is in the eleventh hour, Liberia would be stuck in political corruption and underdevelopment. The Americans know to err is human, that’s why they continually put in place mechanisms to increase and protect revenues. Then Justice Minister Benedict Sannoh got it right when he said that poverty posed a threat to national security, and that’s a continuing danger. It suggests that until the next government hit the ground running with enacted safeguards, things will only get worse, setting the new political leadership and the populace on a collision course.
    For those who think that Security Sector guns and violence would prevent such an eventuality, they are delusional. Because effective, responsive, and accountable governance is the panacea for reconciliation, long term stability, and lasting peace. Thanks, EJS, and legislators think Liberia and quickly pass the act; no crisis should stop those actions which aim to “benefit” the people – Chapter 1, Article 1 Constitution.

    Don’t forget, neither Boakai nor Weah has been a president before, so let’s allow EJS to lead while some talk elections’ politics.

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