The Steering Committee Meeting on the Public Financial Management (PFM) Reform Strategy 2023-2027 provides strategic oversight, policy direction decision-making, and strategic guidance with core PFM stakeholders, ministerial and partner level.
It also Serves as a platform for dialogue with Development Partners on PFM reforms and resource mobilisation.
This committee is chaired by the Minister of Finance and co-chaired by the Development Partners on a rotating Development Partners PFM group member.
On Thursday, 11th May 2023, the Minister of Finance, Sheku Ahmed Fantamadi Bangura, held the first reconstituted steering committee meeting where he thanked and appreciated development partners for their undiluted support on the continuous progress made on Public Financial Management (PFM) in Sierra Leone.
He emphasised the government’s commitment to improving PFM reforms, recognising efforts made on Legal and institutional reforms and stated that there is a need to deepen institutional reforms, revenue mobilisation, and strengthen the budgetary framework, especially its execution.
He further noted measures put in place on the Finance Act 2023, the Medium-Term Revenue Strategy 2023-2027, to guide policies on revenue mobilisation as bold steps taken by the government on beginning things that are feasible in 2023 and 2024 from now on build up on progress.
The Minister further stated that the Steering Committee would form the framework to help build the reforms and create credibility for the budget process in formulation and implementation.
The current co-chair, European Union Delegation, congratulated the Ministry of Finance and its leadership for coordinating the meeting and activating the Steering Committee, stating that, as donors, they believe that PFM Systems are essential to meet the development needs of the country. Mario Caivano, Team Leader, Economy and Social Sector, European Union, continued that the donor’s views regarding successive external shocks in Sierra Leone’s economy make PFM Reforms more critical.
He further informs the committee that the European Union might provide 65 million Euros in budget support to Sierra Leone over the next four years, if macro-economic stability, PFM reforms, transparency and accountability are maintained.
In the meeting, all development partners agreed that enhancing domestic revenue mobilisation and public expenditures to create fiscal space, budget execution and strengthening PFM System is critical to improving public service delivery.
The Director Public Financial Management Reform division at the Ministry of Finance made a presentation on the Public Financial Management update from January to April 2023, the current state of the revision of the PFM Act 2016 and PFM regulations 2018, PFM Strategy 2023-2027, including the governance structure and its costing and discussion around budget support by donors.