Monrovia, March 20 (LINA) – Liberia’s Finance Minister Samuel Tweah has disclosed that the country has been an intensive user of the International Monetary Fund (IMF) capacity development programs.
Minister Tweah stated that Liberia was also the largest recipient in such assistance in fiscal year 2018.
The Finance Ministry chief made the statement Tuesday at the start of the 7th Steering Committee Meeting of the African Regional Technical Assistance Center (AFRITAC) in West Africa at a local hotel in Monrovia.
According to him, AFRITAC provided support for the establishment of the Liberia Revenue Authority (LRA) in 2014 and subsequent efforts to strengthen domestic revenue mobilization.
He added that the center also provided much needed technical assistance during the Ebola crisis.
The Finance Minister observed that the capacity development efforts have focused on giving the LRA the necessary tools to strengthen risk management, improve other capacities and develop standard operating procedures for better compliance management.
Tweah noted that the Liberian government has made strides in addressing an important source of fiscal risk arising from state-owned enterprises.
He pointed out that Liberia improved financial record of state-owned enterprises through the collection of financial data as well as moved towards adoption of international financial reporting standard.
Minister Tweah emphasized that for the AFRITAC West 2 to be sustained, member countries have to make meaningful financial contributions to the center.
He asserted that during the current fiscal year, the center is expected to execute over 145 capacity development activities across member countries.
He said there is dedication to not only ensure that countries needs are met, but to align activities with intended goals and results.
Minister Tweah revealed that it is critical for member countries to embrace value for money as the result of those approaches to capacity development.
AFRITAC West 2 was established by the International Monetary Fund to provide capacity development within Cape Verde, The Gambia, Ghana, Liberia, Nigeria and Sierra Leone with annual meetings being hosted rotationally amongst member states.
