GoL submits USD 692.2M Revised Draft FY2024 National Budget

Monrovia, Liberia - The Government of Liberia through the Ministry of Finance and Development Planning on Thursday March 14, 2024 submitted the revised draft National Budget for Fiscal Year 2024 in the amount of USD 692.2M (Six Hundred Ninety-Two million, Two thousand) to the 55^th National Legislature.

Deputy House Speaker Hon. Thomas Fallah received the draft financial instrument on behalf of the Liberian Legislature.

The submission of the “Revised” draft budget is in compliance with Section 17.1 of the Public Financial Management Act 2009. The budget which is also known as a financial instrument is expected to be scrutinized by the legislature before its subsequent passage into law.

Finance and Development Planning Minister, Hon. Boima S. Kamara explained to Deputy Speaker Fallah that the budget submission marks another journey toward President Joseph Boakai ARREST agenda that is geared toward growth and development across the fifteen counties.

 “This instrument when passed into law will run from January to December 2024” Hon. Kamara added.

Hon. Kamara revealed that the revised draft budget submission is based on projection and forecast of revenue, both domestically and through donor support.

As per the draft instrument of USD 692.2, (Six Hundred Ninety-Two million), US$ 42.4(Forty-Two million, four thousand) or over 0.6 percent is projected to come from external resources, according to Deputy Minister for Fiscal Affairs, Hon. Anthony Myers.

For his part, Deputy House Speaker, Hon. Thomas Fallah who spoke on behalf of the National Legislature thanked the Ministry of Finance and Development Planning for the level of work done so far to submit the country's national draft instrument for further scrutiny going forward.

Deputy Speaker Fallah stated that the legislature understands that there are lots of competing demands whenever it comes to the fiscal instrument. “But considering this submission as the first post-election budget, the Legislature will focus on supporting documents and line items that are attached with the submission.”

According to him, the Legislature will also perform its duties and with due diligence to the national budget, so that the “budget” can serve the Liberian people.

Those in attendance at the submission of the revised draft national budget were Finance and Development Planning Minister, Hon. Boima S. Kamara, Deputy Minister for Budget and Development Planning, Hon. Tenneh G. Brunson, Deputy Minister for Fiscal Affairs, Hon. Anthony Myers, Deputy Minister for Administration, Hon. Bill McGill Jones, Assistant Minister for Budget, Hon. Sarah Mulbah, Deputy House Speaker Hon. Thomas Fallah along with other members of the 55^th National Legislature and Assistant Director for Budget Policy and Coordination, Julius M. Boakai of MFDP.