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An Investigation into the Application of the Integrated Public Financial Management Reform Projects in Liberia at the Ministry of Finance and Development Planning

Author

Listed:
  • Alvin Boye Dolo

    (MBAs, Mcips (Level IV), Cand. Cfe, Cert. Public Sector Finance, Cert. Forensic & Criminal Investigation)

Abstract

The study sought to investigate of the application of the integrated public financial management reform projects in Liberia at the ministry of finance and development planning 2014 – 2016. Generally, the objective of implementing Integrated Financial Management Information System (IFMIS) is to increase the effectiveness and efficiency of state financial management and facilitate the adoption of modern public expenditure practices in keeping with international standards and benchmarks. The study adopted a descriptive research in this study with a targeted population of 98. The primary data was collected using questionnaire that relates to specific objectives of the study. Secondary data involved past reports such as annual budget data, progress reports and internal audits reports since the system implementation started and had key information that will be helpful to the research study. The study used both quantitative and qualitative method of data analysis. Collected data was first coded and then quantitatively analyzed according to statistical information derived from the research questions. Secondary data were derived from desk review of annual information on IFMIS for all variables for a period of three years (2013-2015). The study found that organizational accountability systems, cash management and budgeting systems, internal control systems and financial reporting systems positively and significantly influenced the financial management in the public sector. The study recommends that managers can use this information to plan and formulate budgets; examine results against budgets and plans; manage cash balances; track the status of debts and receivables; monitor the use of fixed assets and monitor the performance of specific departments or units.

Suggested Citation

  • Alvin Boye Dolo, 2021. "An Investigation into the Application of the Integrated Public Financial Management Reform Projects in Liberia at the Ministry of Finance and Development Planning," Noble International Journal of Economics and Financial Research, Noble Academic Publsiher, vol. 6(3), pages 56-70, March.
    • Handle: RePEc:nap:nijefr:2021:p:56-70
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    References listed on IDEAS

    as
    1. Saw Young Min & Cem Dener, 2013. "Financial Management Information Systems and Open Budget Data : Do Governments Report on Where the Money Goes?," World Bank Publications - Books, The World Bank Group, number 15897, April.
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    3. Young, Joni J., 1996. "Institutional thinking: The case of financial instruments," Accounting, Organizations and Society, Elsevier, vol. 21(5), pages 487-512, July.
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