International Monetary Fund

Under GEMAP, the IMF provided a long-term advisor to the Central Bank of Liberia (CBL). Key achievements of GEMAP support to the CBL include:

  • Preparation of CBL financial statements based on international financial reporting standards (IFRS)

  • Adoption of an Internal Audit Charter by the CBL Board

  • Establishment and implementation of purchasing and payment policies and procedures, and foreign exchange management and operations guidelines

  • External audits of CBL’s financial statements are conducted by an international reputable firm. A special audit by the Bank’s external auditors has confirmed that the purchase, payments and fund transfer procedures as well as the controls governing these are adhered to