Liberia's Minister of Finance and Development Planning, Augustine Kpehe Ngafuan, has held talks with his Moroccan counterpart, Madam Nadia Fettah, over the possibilities of enhancing bilateral cooperation in Public Financial Management (PFM) and other sectors.
The talks, held in the Moroccan Capital, Rabat, culminated in an agreement to sign a Memorandum of Understanding (MOU) that will see Morocco providing technical support to Liberia in key areas of PFM, including debt and cash management.
This partnership, according to Minister Ngafuan, will allow Liberian PFM professionals from the Ministry of Finance and Development Planning to collaborate closely with their Moroccan peers, offering a valuable opportunity to build capacity for more effective public financial systems.
"Through this collaboration, we aim to equip our professionals with the tools and knowledge to enhance the efficiency of Liberia's financial management systems," Ngafuan explained.
In addition to PFM discussions, the two ministers also delved into broader areas of mutual interest, including agriculture, particularly in the fisheries sector, as well as port development and sports. They agreed to work closely with relevant sector entities to further explore these areas of cooperation.
Earlier in the day, Minister Ngafuan participated in a high-level panel discussion on "Patient Capital for Critical Infrastructure" at the African Finance Ministers Summit in Casablanca. The session, which included fellow finance ministers from across Africa, centered on the challenges of attracting long-term investment for critical infrastructure projects.
Minister Ngafuan highlighted political instability, weak rule of law, and the lack of contract sanctity as major deterrents to attracting patient capital, which requires a stable and secure environment to thrive.
"Patient capital becomes fleeting when political and economic conditions fail to inspire investor confidence," Ngafuan stated, underscoring the importance of creating an environment where investors can trust in the long-term sustainability of projects.
Minister Ngafuan's visit is part of Liberia's ongoing efforts to strengthen ties with African nations and improve its financial systems through international cooperation and knowledge-sharing.
