CAPITOL HILL, MONROVIA – Two visiting officials from the International Monetary Fund (IMF) have held high-level discussions with Representative Micheal Thomas, Co-Chair for Expenditure of the House Committee on Ways, Means, and Finance, as part of ongoing efforts to strengthen Liberia’s fiscal governance and align its financial systems with global standards.
The meeting, held at the Capitol Building, focused on Liberia’s progress in harmonizing its Chart of Accounts (CoA) and budget classification framework with the Government Finance Statistics Manual 2014 (GFS 2014), a key international standard designed to improve public sector reporting and transparency.
The IMF delegation included Mr. Ilyas Tufan, Regional Advisor for Public Finance Management, and Dr. Wayne Bartlette, Managing Director of Phoenix Accounting Consultancy Ltd. Both officials expressed appreciation for the Legislature’s engagement in advancing Liberia’s fiscal reforms and reaffirmed the IMF’s technical support to the process.
Representative Thomas welcomed the delegation and reaffirmed the Legislature’s commitment to enhancing fiscal transparency and accountability in public spending. “We are pleased to engage with our international partners on reforms that will enhance accountability and ensure that public resources are tracked and reported with precision,” he said.
During the meeting, the IMF officials outlined the objectives of their technical assistance mission, which include a detailed review of Liberia’s current Chart of Accounts and budget classification, stakeholder consultations, and capacity-building for government financial managers. The mission also aims to strengthen the linkages between budget preparation, execution, and reporting mechanisms.
Mr. Tufan emphasized that aligning Liberia’s financial reporting with international standards would help reduce manual interventions, minimize errors, and improve reconciliation between budget and accounting data. “Our goal is to support the finalization and effective rollout of Liberia’s Chart of Accounts manual across the public sector,” he explained.
Dr. Bartlette added that the IMF team will provide training on international accounting standards, proper coding of CoA items, and the distinction between above-the-line and below-the-line budget items, crucial aspects for consistent financial reporting and policy decision-making.
Representative Thomas praised the IMF’s continued support and expressed optimism that the collaboration would lead to tangible improvements in Liberia’s fiscal management systems. He pledged the full cooperation of the Ways, Means, and Finance Committee in ensuring legislative oversight and alignment with the reform objectives.
“This partnership demonstrates our commitment to credible budgeting and responsible governance,” he noted. “A transparent and efficient financial reporting system strengthens public confidence and attracts greater international support.”
The visit is part of a broader initiative under Liberia’s 2023–2026 Public Financial Management Reform Strategy, which aims to modernize financial reporting, improve budget credibility, and align the country’s fiscal systems with global best practices.
