Min. Tweah Presents US$535M Budget

By Mark N. Mengonfia: m.mengonfia@newrepunlic.com

At long last, the Ministry of Finance and Development Planning (MFDP) has presented the 2020/2021 Budget to members of the House of Representatives.

The National Instrument was presented Wednesday July 15, 2020 to that body through its Speaker, Bhofal Chambers and said presentation was done by Minister Samuel Tweah who led an array of delegates to the seat of the Legislature.

This year’s budget, Minister Tweah said is at US$535, 452. 00.

Making a formal presentation, Minister Tweah informed the Speaker of difficulties faced by the Ministry in executing last year’s budget with COVID-19 forming part of the blames.

He said “last year was a difficult year and we enter this year with strong possibility

 He said” one year ago, we presented a similar budget to you and one year ago, at about this same time the county was reading from significant fiscal challenges. The government was in arrears, salaries was around two months, we received significant fiscal shocks”

According to him, based on those challenges, they embarked on a reform looking at the budget critically to ensure that it performs in an upmost way adding that last year was difficult on, but stressing that “we entered this year with strong possibility of progress and then we were also baffled by COVID-19”.

He said he draw the contracts to last year because the budget for this year has the ambition to be very different from last year budget and its performance.

Presenting the instrument, he said the close of the budget year they saw last year is expected to be very different from this year as well adding “We are estimating that we are ending with a budget surplus as we present this. Last year, we ended with a significant budget deficiency and so, the two situation cannot be compared.

He told the Speaker and his colleagues that his team did a significant work with their parent (IMF) thus putting into place proper financial management.

Some of the means they have put into place include the no borrowing from CBL policy, the liquidity management instrument and others are thing he said will guard them managing this year’s budget.

“We are in the position to execute this budget than even better then we executed last budget which means the close of this budget will mirror the close of last budget,” he indicated.

He went on to say by September, they at the Ministry will would have known if they have surpluses.”

He promised that they will stick to the figures as presented in this year’s budget.

In keeping with tradition, when the national instruction is presented to that body through the Speaker, it appears on the floor of the plenary after which a motion is raised and sent to the committee on Ways, Means, Finance and Development which will be clothed to do analysis of the instrument after which report is made to the plenary which is the major decision maker of that body.

The instrument was presented to the Speaker and he is expected to make an onward presentation to the plenary of that body.