Liberia : public expenditure and financial accountability (PEFA) assessment.

Title from PDF title page (IMF Web site, viewed Sept. 18, 2012).

"September 2012."

"July 2012"--Page 2 of pdf.

Includes bibliographical references.

At the request of the Government of Liberia (GoL), the IMF Fiscal Affairs Department (FAD) led an external assessment of the central government's public financial management (PFM) systems based on the Public Expenditure and Financial Accountability (PEFA) methodology. The assessment was undertaken in close collaboration with the Ministry of Finance's (MoF) PFM Reform Coordination Unit (RCU), with the participation of staff of the African Development Bank and the World Bank, and with financial support from the European Union and Sida. The assessment examines progress since the PEFA assessment of 2007 and provides a renewed baseline for monitoring progress in PFM reform and for supporting the GoL in refining, where necessary, the current PFM reform strategy. The assessment snapshot date was April 23, 2012. The report was reviewed by the GoL, the PEFA Secretariat, a donor reference group, and FAD, the latter being at the same time responsible for quality assurance.

Cover; Contents; Abbreviations; Summary Assessment; I. Introduction; II. Country Background Information; A. Country Economic Situation; B. Budgetary Outcomes; C. Legal and Institutional Framework for PFM; III. Assessment of PFM Systems, Processes, and Institutions; A. Budget Credibility; PI-1. Aggregate expenditure outturn compared to original approved budget; PI-2. Composition of expenditure outturn compared to original approved budget; PI-3. Aggregate revenue outturn compared to original approved budget; PI-4. Stock and monitoring of expenditure payment arrears.

B. Comprehensiveness and TransparencyPI-5. Classification of the budget; PI-6. Comprehensiveness of information included in budget documentation; PI-7. Extent of unreported government operations; PI-8. Transparency of intergovernmental fiscal relations; PI-9. Oversight of aggregate fiscal risk from other public sector entities; PI-10. Public access to key fiscal information; C. Policy-Based Budgeting; PI-11. Orderliness and participation in the annual budget process; PI-12. Multi-year perspective in fiscal planning, expenditure policy, and budgeting.

D. Predictability and Control in Budget ExecutionPI-13. Transparency of taxpayer obligations and liabilities; PI-14 Effectiveness of measures for taxpayer registration and assessment; PI-15 Effectiveness in collection of tax payments; PI-16. Predictability in the availability of funds for commitment of expenditure; PI-17. Recording and management of cash balances, debt, and guarantees; PI-18. Effectiveness of payroll controls; PI-19 Transparency, Competition and Complaints Mechanisms in Procurement; PI-20. Effectiveness of internal controls for non-salary expenditure.

PI-21. Effectiveness of internal auditE. Accounting, Recording, and Reporting; PI-22. Timeliness and regularity of accounts reconciliation; PI-23. Availability of information on resources received by service delivery units; PI-24. Quality and timeliness of in-year budget reports; PI-25. Quality and timeliness of annual financial statements; F. External Scrutiny and Audit; PI-26. Scope, nature, and follow-up of external audit; PI-27. Legislative scrutiny of the annual budget law; PI-28. Legislative scrutiny of External Audit reports; G. Donor Practices.

D-1. Predictability of direct budget supportD-2. Financial information provided by donors for budgeting and reporting on project and program aid; D-3. Proportion of aid that is managed by use of national procedures; IV. Implications of the PEFA Assessment for PFM Reforms; A. Current Arrangements for PFM Reforms; B. Implications of the 2012 Assessment for the PFM Reform Strategy; Tables; 1. Summary of the PEFA 2012 Assessment in Comparison with PEFA 2007; 2. Summary Economic Data for Liberia, 2009-12; 3. Fiscal Operations of the Central Government, FY2008/09-FY2011/12.

English.

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