President Johnson Sirleaf is expected to launch the Ministry of Finance Integrated Financial Management Information System or IFMIS today in Monrovia. The IFMIS will automate the processing of government financial transactions.
The General Auditing Commission, Central Bank of Liberia, Ministry of Finance and the Civil Service Agency have all agreed that efforts would be exerted to ensure that the IFMIS goes live.
The Integrated Financial Management Information System is designed to use modern information and communication technologies to help the government of Liberia plans and utilizes its financial resources more efficiently and effectively.
The IFMIS solution is also the latest version of the Free Balance accountability suite, comprising performance, public financial management, treasury management and public expenditure management, amongst others.
John B.S Davies, Controller and Accountant General of Liberia said the launch of IFMIS by President Ellen Johnson Sirleaf will boost transparency and efficiency in government’s financial transaction. It is important to conduct functional and technical system training for employees who will operate the IFMIS.
The IFMIS implementation is an attempt to improve efficiency in meeting the deadline for the system to go live. The Project initially commenced operations with a grant from the World Bank and support from the Government of Liberia.
Speaking at a news conference here, John Davies said the IFMIS project will benefit the people of Liberia, including fully operational modern computerize accountant system at the Ministry of Finance that is capable of producing complete, accurate and reliable financial statement for government within statutory deadlines.
It is also expected to provide smooth budget execution through improved system for budget allotment, commitment control, procurement, cash planning and reporting as well as better management of human resources.
Davies added that it will increase public accountability and transparency through the use of modern technology and to provide more accurate timely and consistent budget and financial information.
The Controller General of Liberia believes audit process in Liberia today needs not to be over due, adding that with the IFMIS, it will make audits timely and effective.