World Bank Pledges Support To Liberia’s Financial System
The Country Manager of World Bank-Liberia has pledged the bank’s support to Liberia’s financial system, citing that strengthening Public Financial Management (PFM) system is a key component of the its support to many post-conflict environments. Dr. Kohima Nthara said that PFM is a critical foundation for basic economic governance and in establishing the performance, legitimacy and accountability of a functional state.
The World Bank official was speaking in Monrovia on Tuesday at the official launch of the Public Financial Management Reform for Institutional Strengthening (PFMRIS) Project.
He noted that it is for this reason that the World Bank continues to intensify its assistance to countries to enhance security and peace building efforts.
Dr. Nthara stressed that over the years, the bank has learned that it is important to invest in learning what works, why and with what impacts in these environments with regards to PFM reforms.
He asserted that it is these principles that have carefully been calibrated into the design of the PFMRIS being launched in Liberia.
Nthara emphasized that the PFMRIS project is financed through an International Development Association (IDA) grant of US$19 million and will improve domestic revenue mobilization system and strengthen financial control and accountability in public finance as a continuation of state building in supporting the Republic of Liberia.