Liberia News: FINANCE MINISTER DEFENDS FY 2024 BUDGET

Monrovia-April-22-2024-TNR:The Ministry of Finance and Development Planning (MFDP) has outlined its draft national budget for FY 2024, emphasizing key investments in agriculture, infrastructure, and health as part of the government’s ARREST agenda.

The total proposed budget amounts to $692,409 Million, focusing on the delivery of critical projects aimed at fostering national development.

The budget was unveiled at the ongoing Expenditure Component of the Budget Hearings before the joint Legislative Budget Committee. It reveals notable changes in economic classification compared to the FY 2023 budget. Compensation of employees remains steady, while significant cuts are made in the use of goods and services and grants.

The draft budget includes an increase in domestic and foreign liabilities, reflecting the government’s ongoing commitment to settling outstanding debts.

National claims are set to increase by $27,244,017, primarily driven by higher allocations to domestic liabilities and grants. The ministry has also prioritized the rule of law, education, sanitation, and tourism as essential sectors for national planning and development.

The FY 2024 draft budget aligns with the objectives of the National Development Plan, which is the government’s third and final medium-term plan leading to the achievement of Vision 2030. The plan includes 15 County Development Agendas and a Public Sector Investment Program focusing on priority sectors such as agriculture, roads, health, and energy.

Key budget policies emphasize the ARREST agenda, 100-day deliverables, and gender-responsive planning and budgeting. Additionally, the ministry aims to simplify the penalty regime and strengthen the Liberia Revenue Authority’s capacity to collect information from taxpayers, aiming to shield the revenue base from further erosion.

The MFDP’s budget proposal comes as the Government continues its efforts to achieve sustainable development and enhance the nation’s economic resilience.

As a means of getting citizens participation in the ongoing Budget Hearing, the joint Legislative Committee has since started getting Questions from Civil Society Organizations present at the hearings.