1. The regulatory framework for PFM has been positively transformed by the adoption  of a number of new laws.
 
2. The Government of Sierra Leone is improving the legislative framework in a number of ways, most important of which is the proposed new PFM Law replacing the GBAA 2005, and the Public Debt Law passed in 2011. New institutions and functions have been established (e.g. the Public Investment Planning Unit of MoFED,); and capacity increases  and improvements were made in the number and quality of staff within the Ministry of Finance, the Accountant-General’s Department and the Office of the Auditor-General. Revisions to the Public Procurement Act are also in preparation.
 
3    Weaknesses include: a further weakening of budget credibility and predictability for    both expenditures and revenues (underestimated); minor gains in comprehensiveness not impacting on fiscal management challenges; weaknesses in expenditure control (including payroll); and low levels of transparency. The Government3 considers that much remains to be done to move the system to a level that is capable of directing resources to priority areas   and supporting high quality expenditure outcomes.
 
4. This 2014 PEFA represents the most recent independent comprehensive assessment of PFM.