2023 Fiscal Transparency Report: Liberia

Government-by-Government Assessments: Liberia

During the review period, the government made significant progress by making its executive budget proposal publicly available within a reasonable period, by making major state-owned enterprise debt information publicly available, and by making basic information on natural resource extraction awards publicly available.  The government did not make its enacted budget or end-of-year report publicly available within a reasonable period.  Information on debt obligations was widely and easily accessible to the public, including online.  The government maintained off-budget accounts not subject to audit or oversight.  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 regulation and appeared to follow in practice 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.

Liberia’s fiscal transparency would be improved by:

• Making the enacted budget and end-of-year report publicly available within a reasonable period;
• Eliminating off-budget accounts or subjecting them to adequate oversight and audit;
• Ensuring the supreme audit institution meets international standards of independence;
• Making supreme audit institution audit reports publicly available within a reasonable period; and
• Ensuring the laws or regulations for awarding natural resource extraction contracts and licenses are followed in practice.