Liberia’s economy crumbled due the protracted civil war, causing the country to have the highest debt-to-GDP ratio in the world. In this context, the authorities agreed to the appointment of external financial controllers in key agencies including the Ministry of Finance, the Central Bank, and important state enterprises under a donor-funded governance and economic management program to support financial management. During that visit, President Ellen Johnson Sirleaf said she was confident that Liberia would have met the HIPC completion point despite challenges. “We concentrated on building the institutions, getting the laws, getting our public financial management law passed, making sure we got a general auditing commission that's functioning, making anti-corruption effective,” she said. Comprehensive debt relief was linked to demonstrating a commitment to poverty reduction, sound macroeconomic policy, strong public financial and resource management, and governance reform.

Source: Front Page Africa February 08, 2017 01:33 UTC