Government-by-Government Assessments: Liberia
During the review period, the government made significant progress by publishing the enacted budget within a reasonable period and by ensuring actual revenues and expenditures reasonably corresponded to those in the enacted budget. However, it did not make its executive budget proposal or its end-of-year report publicly available in a reasonable period. Information on debt obligations, except state-owned enterprise debt, was widely and easily accessible to the public, including online. The supreme audit institution did not meet international standards of independence and did not make its audit reports publicly available within a reasonable period. The government specified in law or the criteria and procedures for awarding natural resource extraction contracts and licenses, but there are reports of corruption and inconsistent application of regulations in practice. Basic information on some natural resource extraction awards was publicly available.
Liberia’s fiscal transparency would be improved by:
- Making the executive budget proposal and end-of-year report publicly available within a reasonable period;
- Making state-owned enterprise debt information publicly available;
- Ensuring off-budget accounts are subject to adequate audit and oversight;
- Ensuring the supreme audit institution meets international standards of independence;
- Making supreme audit institution audit reports publicly available within a reasonable period;
- Ensuring the laws or regulations for awarding natural resource extraction contracts and licenses are followed in practice; and
- Making basic information on all natural resource extraction awards publicly available.