Liberia’s financial system to receive support from World Bank

The World Bank has pledged to extend its support to Liberia's financial system. This is recently being revealed by Dr Kohima Nthara, Liberia Country Manager of the World Bank.

Kohima Nthara said that enhancing the growth of the public financial management system is a key area that development partners like the World Bank in particular seek to support in many post-conflict environments.

Nthara gave a statement recently at the official launch of the Public Financial Management Reform for Institutional Strengthening (PFMRIS) Project held at a local hotel in the Monrovia suburb of Sinkor. According to him, this is because effective Public Financial Management is a critical foundation for basic economic governance and in establishing the performance, legitimacy and accountability of a functional state. Due to this reason, the World Bank continues to intensify its assistance to countries to enhance state and peacebuilding efforts.

He emphasized that the PFMRIS protect, financed through an International Development Association (IDA) grant of USD 19 million, will improve the 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.