Minister Tweah: Liberia to experience fiscal monetary transparency
Liberia’s Finance Minister Samuel D. Tweah Jr., says the Government of Liberia is beginning a new framework policy for the next budget year in January with a more robust effort to tackle fiscal financial monetary transparency and corruption mitigation here.
Addressing scores of Liberians at the Center for the Exchange of Intellectual Opinion (CEIO) Wednesday, 11 August 2021 on Carey Street, Mr. Tweah said the government in consultation with the Internal Audit Agency of Liberia has drafted a framework policy, disclosing plans for publication of government expenditure and activities on the Ministry’s website for public consumptions.
According to him, over the past years government has not been able to provide updates to the public through the Minister of Finance’s website to show government agencies and institutions which have received money and for what purpose.
The Minister disclosed that the Public Financial Management Law of Liberia is reactive, instead of looking forward, adding that the law is always coming after the expenditure of public money which he thinks is against the law.
He argued that the Internal Audit Agency (IAA) is supposed to ensure that government money is used for the intended purpose, but it has been weak over the past time in the discharge of its functions.
However, he said the government will make sure that this new policy, will help the IAA to discharge its function and the public will have access to government information to enhance fiscal transparency and mitigate corruption.
Meanwhile, Minister Tweah narrated that the government has also developed another policy that will serve as a clearinghouse and make sure that before any government money is disbursed to any government agency, it should be approved by the IAA clearinghouse.
He noted that it is intended to show financial transparency and anti-corruption fight before the Ministry of Finance can release any funding.
Additionally, Mr. Tweah pointed out that within the new policy, the IAA clearing team will also permit him to publish and announce any money that the Minister of Finance is paying or paid to any government institution.
He said the document will no longer be a problem to fight corruption in projection with fiscal transparency because they have developed the electronic management system for liberals and it will help everyone have information to government activities and expenditures.
Minister Tweah said the government is contemplating how to increase domestic resources to one billion United States dollars, and that process will be achieved shortly because the Liberia Revenue Authority is working on things to give the government increment in domestic revenue generation.
He boasted that the government’s effort to enhance domestic revenue is better than in the past.https://thenewdawnliberia.com/finance-submits-special-national-budget/–Edited by Winston W. Parley