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In a strategic step toward enhancing public financial management and aligning with international reporting standards, the Ministry of Finance of Sierra Leone, in collaboration with the International Monetary Fund (IMF), has launched a comprehensive training program on the Government Financial Statistics Manual (GFSM) 2014.
The training targets technical staff across core fiscal and economic institutions, including the Ministry of Finance, Accountant General’s Department, National Revenue Authority (NRA), Bank of Sierra Leone, Ministry of Planning and Economic Development, and Statistics Sierra Leone. The sessions are being conducted through the Budget Bureau with technical support from the IMF’s Government Finance Division under its Statistics Department.
Advancing Data Quality for Policy and IMF Program Monitoring
The two-week training, which began on Tuesday, July 22, 2025, is taking place at the Ministry of Finance’s Conference Room in Freetown. According to Tasima Jah, Director of the Budget Bureau, the program was made possible through a formal request for Technical Assistance (TA) aimed at improving the quality, consistency, and comprehensiveness of government financial statistics.
“This training is a crucial step in strengthening evidence-based policy formulation. Transitioning to the GFSM 2014 framework will not only improve our fiscal reporting standards but also enhance monitoring and evaluation under ongoing IMF-supported programs,” said Jah.
Key Focus Areas: GFSM Framework, Classifications, and Cash Flow Reporting
IMF Economists Robert Osudi and Emmanuel Ramathuba led a technical overview of the GFSM 2014 framework, covering key elements such as:
- Stocks and flows
- Economic transactions and other flows
- Revenue and expenditure classifications
- Tax and grant types
- Financial and non-produced assets
- Domestic vs. external financial operations
- Balance sheets and cash flow statements
Participants are being introduced to detailed methodologies for recording transactions, understanding fiscal risks, and harmonizing economic classifications in line with international best practices.
Bilateral Engagements with Strategic Fiscal Units
As part of the mission, the IMF team is also conducting bilateral consultations with several key divisions and agencies, including:
- Public Debt Division
- Financial Decentralisation Division
- National Revenue Authority
- Bank of Sierra Leone
- Accountant General’s Department
- Ministry of Planning and Economic Development
These engagements are expected to reinforce institutional readiness for full implementation of GFSM 2014 and enhance data-driven policymaking across government entities.
Key Takeaways:
- Sierra Leone is rolling out GFSM 2014 training to strengthen fiscal data quality and transparency.
- The IMF is providing technical assistance to support better policy analysis and IMF program monitoring.
- Key institutions such as the NRA, Bank of Sierra Leone, and Statistics Sierra Leone are actively participating.
- Bilateral sessions with public finance units will further support national capacity-building efforts.
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