President Ellen Johnson Sirleaf has submitted for enactment into law, a Bill titled 'Amendment and Restatement of the public financial management Act of 2009.
In her communication to the plenary of the House of Representatives, the Liberian leader observed that it has become apparent that 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.
President Sirleaf said there is a need to amend and restate the previous Act which forms the basis for the current Act. "The purpose of this 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 ministries, agencies, enterprises and stakeholders as it relates to public funds, spending, allotments, resources and control," the President said.
According to the Liberian chief executive officer, when passed, 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 related to the management of the public finances of Liberia.
"This Act also lays out fundamental producers for the preparation, adoption, execution and final accounts of the National budget and related matters including, internal control, accounting and auditing of public finances, assets as well as the arrangements for public debt and government guarantees," she added.
She said this will ensure government's goals of the management of public finances will be attained. The communication was read and forwarded to the committees on ways, means, finance and judiciary to report in two weeks.