Ministry of Finance Submits Draft Recast Budget to National Legislature

Monrovia, Liberia - The Government of Liberia, through the Ministry of Finance and Development Planning, has submitted the draft recast budget for Fiscal Year 2024 to the Liberian Legislature. 

 The draft budget, totalling US$721.5 million, was presented to the Speaker of the House and to the Senate through the office of the Vice President on Friday, August 16, 2024.

 

Presenting the draft budget, Acting Minister of Finance and Development Planning, Anthony G. Myers, informs the Vice President and the Speaker in separate submissions that, on behalf of President Joseph Nyuma Boakai, the budget is informed by its performance during half a year.

 

“It is my distinguished honor to present the draft recast budget for FY 2024. This recast is informed by the budget’s performance over the first six months of the year, addressing revenue outcomes and prioritizing critical expenditures for the country. 

 

"We thought we needed to first rebalance the budget in order to avoid budget shortfalls and secondly to protect critical expenditure lines that are key national priorities," he added.  

For his part, the President of the Liberian Senate, Vice President, His Excellency, Hon. Jeremiah Kpan Koung, Sr., thanked the MFDP's team for the submission and assured them that he would work with the Senate to act on it.

 

 At the Speaker's office, Acting Minister Myers told Speaker Koffa: "It is with great respect that I submit this budget for your consideration.”

 

Upon receiving the draft budget, House Speaker Cllr. J. Fonati Koffa acknowledged the submission and stated, “We have received this communication on behalf of the President and have made several notations regarding its acceptance. 

 

To enhance the budget process, we will establish a committee to investigate allegations of budget tampering."

 

Speaker Koffa named Hon. Robert Wogbeh, who he said will chair that committee, along with Hon. Emmanuel Dahn as co-chair, among others. 

 

According to Speaker Koffa, his constituted committee aims to address and resolve any concerns related to the recently passed budget. 

 

Speaker Koffa also stressed the importance of additional documentation. 

 

“We expect to receive various reports, including outturns, off-budget expenditures, and related processes.

 

 All necessary expenditure lines, revenue forecasts, and other pertinent reports should be presented to the Ways and Means Committee. He advised the senior management team at the Ministry of Finance and Development Planning that they should send all related documents to the legislature promptly to facilitate a thorough review and ensure the completion of the process.”