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.