Liberian Finance Minister Secures Key Public Financial Management Deal With Morocco

12 December 2024
The Liberian Investigator (Monrovia)

Rabat, Morocco — Liberia's Finance and Development Planning Minister, Augustine Kpehe Ngafuan, has concluded high-level talks with his Moroccan counterpart, Madam Nadia Fettah, aimed at enhancing bilateral cooperation in public financial management (PFM) and other critical sectors.

During their meeting in Rabat, the two ministers agreed to formalize the partnership through a Memorandum of Understanding (MOU), under which Morocco will provide technical assistance to Liberia in areas such as debt and cash management. The collaboration is expected to enable Liberian professionals from the Ministry of Finance and Development Planning to work closely with their Moroccan counterparts, boosting capacity and efficiency within Liberia's financial management systems.

"This partnership is a step forward in equipping our professionals with the tools and knowledge needed to enhance the efficiency of Liberia's financial management systems," Minister Ngafuan said.

The talks also touched on broader areas of cooperation, including agriculture--with a specific focus on the fisheries sector--port development, and sports. The ministers pledged to collaborate with sector-specific entities to explore these opportunities further, aiming to drive economic growth and strengthen ties between the two nations.

Earlier in the day, Minister Ngafuan participated in a high-profile panel discussion on "Patient Capital for Critical Infrastructure" at the African Finance Ministers Summit in Casablanca. Speaking alongside other finance leaders from across the continent, he addressed the persistent challenges of attracting long-term investments for infrastructure development. Ngafuan highlighted political instability, weak rule of law, and a lack of contract sanctity as key barriers to securing patient capital.

"Patient capital requires a stable and secure environment to thrive, but it becomes fleeting when political and economic conditions fail to inspire investor confidence," he stated, emphasizing the need for policies that foster long-term investor trust.

Minister Ngafuan's visit to Morocco aligns with Liberia's broader strategy to strengthen ties with African nations and enhance its financial systems through international collaboration. The discussions in Rabat and Casablanca underscore Liberia's commitment to leveraging regional partnerships to improve governance, infrastructure, and economic growth.

This development comes as Liberia seeks to modernize its financial systems and attract foreign investment to address pressing development challenges. By tapping into Morocco's expertise, Liberia aims to position itself as a model for effective financial management and regional cooperation in Africa.

Read the original article on Liberian Investigator.

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