Liberia’s Finance and Development Planning Minister, Augustine Kpehe Ngafuan, is in Morocco, where he met with his Moroccan counterpart, Madam Nadia Fettah, to discuss opportunities for enhanced bilateral cooperation in Public Financial Management (PFM) and other sectors.
Rabat, December 11, 2024 – The talks, held in Rabat, culminated in an agreement to sign a Memorandum of Understanding (MOU) that will see Morocco providing technical support to Liberia in key areas of PFM, including debt and cash management.
This partnership, according to Minister Ngafuan, will allow Liberian PFM professionals from the Ministry of Finance and Development Planning to collaborate closely with their Moroccan peers, offering a valuable opportunity to build capacity for more effective public financial systems.”
Through this collaboration, we aim to equip our professionals with the tools and knowledge to enhance the efficiency of Liberia’s financial management systems,” Ngafuan explained.
In addition to PFM discussions, the two ministers delved into broader areas of mutual interest, including agriculture, particularly in the fisheries sector, port development, and sports.
They agreed to work closely with relevant sector entities to explore these areas of cooperation further.
Earlier in the day, Minister Ngafuan participated in a high-level “Patient Capital for Critical Infrastructure” panel discussion at the African Finance Ministers Summit in Casablanca. The session, which included fellow finance ministers from across Africa, centered on the challenges of attracting long-term investment for critical infrastructure projects.
Minister Ngafuan highlighted political instability, the weak rule of law, and the lack of contract sanctity as significant deterrents to attracting patient capital, which requires a stable and secure environment to thrive.”Patient capital becomes fleeting when political and economic conditions fail to inspire investor confidence,” Ngafuan stated, underscoring the importance of creating an environment where investors can trust in the long-term sustainability of projects.
Minister Ngafuan’s visit is part of Liberia’s ongoing efforts to strengthen ties with African nations and improve its financial systems through international cooperation and knowledge-sharing. -Dispatch.
