Deputy Minister Myers Urges Deeper PFM Reforms

MONROVIA, June 8, 2026 — Deputy Minister for Fiscal Affairs Anthony G. Myers has called for deeper reforms in Liberia’s public financial management (PFM) system.

He also emphasized the need for stronger spending controls, medium-term budgeting, and greater accountability across government institutions.

Speaking at the Banking Institute on Wednesday, June 3, 2026, on the theme “Stewardship and Accountability: Leadership in Public Financial Management,” Myers shared practical insights on budget execution, fiscal discipline, revenue management, and the government’s ongoing reform efforts.

A key part of his presentation focused on clarifying the difference between a budget surplus and a balance brought forward. Minister Myers explained that a surplus occurs when government intentionally spends less than the revenue it expects to collect, creating savings for future needs. In contrast, a balance-forwarded approach yields results when allocated funds remain unspent due to delays such as procurement challenges or administrative bottlenecks. While both represent excess resources, he emphasized that they are fundamentally different concepts.

Minister Myers also outlined the Ministry of Finance’s expenditure control process, describing his role in coordinating between the budget department, the Controller and Accountant General’s office, and the Central Bank. Before monthly spending limits are approved, officials assess available cash, projected revenues, and outstanding financial obligations to ensure spending remains within available resources.

On financial authority, he noted that Liberia’s Public Financial Management Law designates the President as the ultimate manager of public finances, while operational responsibility rests with the Minister of Finance. Although the minister has broad approval powers, those responsibilities can be formally delegated to improve efficiency and ensure continuity during emergencies.

Addressing concerns about compensation for financial controllers and public financial managers, Minister Myers acknowledged longstanding salary disparities across government institutions. While immediate harmonization may not be financially feasible, he said the government is pursuing gradual reforms and exploring non-monetary incentives such as transportation support, fuel allowances, and improved working conditions to attract and retain skilled professionals.

The Deputy Minister also highlighted the importance of accountability when responding to verbal instructions from senior officials. While emergencies may require quick action, he stressed that proper documentation must eventually be produced and maintained to ensure transparency and compliance with financial regulations.

Discussing fiscal policy, Myers compared government finance to the process of breathing. He explained that taxation temporarily removes money from the economy, but government spending returns those resources through salaries, procurement, and public services. Delays in spending, he warned, can disrupt economic activity and slow growth.

Encouraging students and young professionals to pursue careers in economics and public finance, Minister Myers emphasized the importance of discipline, perseverance, and continuous learning. He described managing public resources as a significant responsibility that requires both technical competence and integrity.

He proposed two major reforms to strengthen Liberia’s PFM framework. First, he recommended reducing the level of legislative changes made to executive budget proposals. Second, he advocated for adopting a Medium-Term Expenditure Framework (MTEF), which would allow major infrastructure projects to be approved over multiple years rather than requiring annual reauthorization. According to Minister Myers, such an approach would improve planning, accelerate project implementation, and strengthen fiscal management.

He also acknowledged ongoing challenges with government account reconciliation, noting that a joint team from the Liberia Revenue Authority, the Central Bank, and the Ministry of Finance has made progress in reducing discrepancies. However, he suggested that independent financial or forensic experts could help address remaining issues.

Deputy Minister Myers underscored that accountability remains the foundation of effective public financial management. He reminded participants that public servants must be prepared for scrutiny and remain committed to transparency, professionalism, and responsible stewardship of public resources.

The lecture was part of the Banking Institute’s professional development program aimed at strengthening knowledge and leadership in public financial management and governance.