MoFED hold stakeholders consultation on draft PFRM Reform Strategy 2014
The Ministry of Finance and Economic Development led by the Public Financial Management Reform Unit has held a stakeholders consultation on the Draft PFM Reform Strategy 2014 on Friday 17th May 2013 at the Conference room of the Ministry of Finance. (Photo: Minister of State in the Ministry of Finance and Economic Development Hon Momodu Kargbo)
It should be recalled that in its Agenda for Prosperity, the Government has set out its objectives for moving Sierra Leone toward a stable Middle-income future based on sound macroeconomic fundamental, relying substantially on its own revenue, providing jobs for its people, and a model in responsible and efficient natural resource exploitation. Improving the management of our public finances is an essential foundation for achieving these goals. A medium-term PFM Reform Strategy was initially initiated in 2009 which sought to modernize the PFM System. The first phase of that strategy, which aimed to strengthen forecasting and control and ensure that the Government‘s policies were realistic and were properly presented in the budget, is now ending and a new phase will be put in place over the period 2014 -17. Though much still need to be done to achieve the objectives in full, the structure and instruments for doing so are in place and efforts to build capacity are now bearing fruit. The 2014- 17 phase of the strategy will continue to target improvements in the quality of Public Financial Management to improve aggregate fiscal discipline, the strategic allocation of resources and the efficiency of public service delivery. In formulating the new phase of the strategy, weaknesses that were identified by the Public Expenditure and Financial Accountability Assessment of 2010, as well as recent observations by internal and external review missions and the Reports by Audit service Sierra Leone have been considered. The necessity of addressing weaknesses and establishing a tightly controlled fiscal environment is made much more urgent by the need to manage the substantial streams of revenue expected to flow by 2015.
This PFM strategy 2014- 2017, further develops the basis for the Government of Sierra Leone {GOSL] to accelerate PFM reforms and establish an efficient, effective transparent PFM system that minimizes opportunities for corruption. There are new challenges to meet, particularly resource assets. The strategy is focused on strategic themes, objectives, and outcomes, and an analysis of how these are to be achieved and of the linkages between different activities. The main emphasis for this phase is the detailed setting of strategic themes and objectives to guide all continuing and future PFM – Linked programs. A major focus in developing the next phase of the strategy therefore has been to identify critical linkages among GoSL and DP initiatives and to establish clear responsibilities, priorities and risk associated with achieving sets of outcomes. The strategy is being developed as part of continuing GoSL strategies and will consolidate and build on the progress made under the current IPFMRP which ends in 2014. Importantly, however the strategy will address important issues arising from expected resource revenue streams that will ensue over the strategy period etc.
In his remarks the Minister of State in the Ministry of Finance and Economic Development Hon Momodu Kargbo, expressed delight for the stakeholder consultation to take a final view of the PFM strategy which will cover the next four years. He added that there are various versions of strategies in the ministries, while noting that they are planning to put all of the strategies together. He pointed out that the Ministry is now faced with the matching of outputs with outcomes which is really what is desired. The Minister of State noted that there are lots of benefits the society need to realize. Poverty he said should be reduced, orderliness in Government such as a comprehensive budget, properly tracked expenditures in a proper context are the outcomes which they would like to see at the end of the program. He noted that even while they are finalizing the document they still have one more year to go on the current strategy which gives Gosl time to progress, and position itself to take advantage of the new phase. He maintained that all who are involved in the PFM process have the opportunity over the next one year to address the current issues.
Giving an overview of the Draft PFM Reform Strategy 2014-2017 the Director of PFM Reform Augustus Cole, said in 2009 when the Integrated Public Financial Management Reform Project {IPFMRP} was developed it was expected the Government through the PFM process shall improve sustainably the credibility control and transparency of fiscal and budget management.. He reiterated that the overall outcomes are critical in order for GoSl to ensure that at the end of the day service delivery is improved. He informed the audiences that the end date of the IPFMRP is March 2014, while noting that they have less than a year to go on the current one and that’s why the Ministry is developing the new Strategy that will interface with the existing one and consolidate gains already achieved. Mr Cole spoke about major PFM challenges being faced with which has been identified over the past three years including the legal and regulatory Reforms which is critical in the PFM process and policy planning and Budgeting . He further informed the participants of the Ministry’s plans to establish a Treasury Single Account in the Ministry of Finance, Accountant General’s Department and also at the Bank of Sierra Leone. He added that they intend to roll out the IFMIS to all MDAs and ensured that they have full utilization of all the modules. He spoke about other associated systems connected with the IFMIS stating that the National Revenue Authority is collecting revenue for Government and as a result MOFED should ensure that they have full information regarding what is collected. He highlighted the need for up to date information on Debt Management and the interface of such with the IFMIS.
The Director of PFMRU said the strategy is broadly divided into five themes which are Budget planning, comprehensiveness and Accountability, Financial Control and Accountability service Delivery and oversight, Revenue Mobilization, Strengthens Local Governance financial management through Local Councils for Effective Decentralization.
The Minister of State Momodu Kargbo & Senior officials of the Ministry of Finance and other Agencies made valuable contributions.
By Hawanatu Bockari, Mofed Press Officer
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