General News, Press Release
President Boakai Submits ๐๐ฌ๐ฎ๐ฌ๐ฎ๐ฐ ๐๐ฟ๐ฎ๐ณ๐ ๐ฅ๐ฒ๐ฐ๐ฎ๐๐ ๐๐๐ฑ๐ด๐ฒ๐ To Speaker Koffa
–๐จ๐ ๐บ๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐ ๐๐ ๐ ๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐ ๐๐๐๐๐ ๐๐ ๐๐๐๐๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐ ๐๐๐๐๐๐๐๐๐๐
President Joseph N. Boakai, through the Ministry of Finance and Development Planning has submitted to the Honorable Speaker of the House of Representatives of the 55th Legislature, the 2024 Draft Recast Budget.
Submitting the Recast Budget Friday, 16 August, Acting Finance Minister Anthony Myers said the budget is based on their observation of the performance in the first six months of the year and a need to rebalance the budget in response to revenue performance and the Government desire to protect critical expenditure that is of priority for the Country.
In a letter from H.E President Joseph N. Boakai Sr, to the Honorable Speaker Cllr. J. Fonati Koffa, it says the proposed resource envelope for the FY2024 recast budget is projected at 738.8 million comprising of a risk-adjusted portfolio of US$721.5 million plus US$17.3 to be raised through the following revenue mobilization measures: increment in GST on a selected set of goods and services that have little or no significant social impacts, increase in non-concessional mineral royalties, an executive order for surcharge on imports that compete with domestic manufacturing outputs and sale of debt instruments.
The Presidentโs communication further that the proposed expenditure for FY2024 recast budget is shared between US$672.3 million or 91 percent for recurrent expenditure and US$66.6 million or 9 percent for Public Sector Investment Plan (PSIP). Among the key recurrent expenditures are debt services to commercial banks arising from constructure projects and interests on debt instruments, and to multilateral institutions in order to unlock opportunities for financing medium-term development priorities. Other recurrent expenditures are compensation of employees, operational goods and services for Government entities and subsides, grants and transfers to governmental and non-governmental institutions in the Health, education and social service sectors.
Receiving the Draft Recast Budget on behalf of the 55th Legislature, Speaker Koffa urged the Ministry of Finance Development Planning to submit all supporting documents for the Recast Budget to aid the Ways, Means and Finance Committee during its scrutiny.
The Honorable Speaker, in order to improve the budget process, has announced additional measures aimed at investigating allegation of budget alteration and has since named a special investigative committee chaired by Bong County Electoral District 4 Representative Robert F.ย Womba and co-Chair by Montserrado County Electoral District 7 Representative Emmanuel Dahn. The members include; Hon. Thomas Romeo Quioh, Hon. Sekou Kanneh, and Hon. Sumo Mulbah.
Speaker Koffa said the Legislature remains committed in the fight against corruption and will promote to the high standards transparency and accountability in Government.
The 2024 Budget was approved by the 55th Legislature in April to the tune of US$738,859,827, an increase of 6.7 percent from the version submitted by the Executive through the Ministry of Finance and Development Planning, which wasย US$692ย million.
