The Government, working in close collaboration with its partners, has:
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Established sound financial management by submitting a recast balanced budget for 2005/06 and a complete balanced budget for 2006/07, introducing legislation to limit the power of the executive branch to change budget allocations, and has established the extent of domestic arrears.
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Increased revenues by introducing a computerized “flag receipt” system, cracking down on customs fraud and other forms of tax evasion, and controlling expenditures through establishing a fully functioning cash management system.
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Cancelled non-compliant forestry and ports concessions, and has initiated a proces of reviewing the legality of all other concessions and contracts entered into during the tenure of the National Transitional Government of Liberia (NTGL).
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Signed a Letter of Intent with the International Monetary Fund and obtained IMF Board approval for a Staff Monitored Program– the first IMF program in Liberia for more than 20 years, as a first step towards dealing with the country’s large external debt burden.
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Implemented the first steps of the Governance and Economic Management Assistance Program (GEMAP) to control financial abuse by placing internationally recruited financial controllers in the Central Bank, National Port Authority, Forestry Development Authority, Roberts International Airport, and the Liberia Petroleum Refining Company.
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Provided seeds and tools to at least 14,000 farmers, supplies for 1,800 fisherman, training assistance for agriculture for 2,000 ex-combatants, and food assistance for 16,000 families through food-for-work programs.