Home Economy Executive Submits US$777.94m FY2023 Budget

Executive Submits US$777.94m FY2023 Budget

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MONROVIA: The Executive Branch, through the Ministry of Finance and Development Planning (MFDP),

has submitted to the House of Representatives the proposed National Budget in the tune of US$777.94 million.

During the presentation Monday, 5th, December, 2022, on Capitol Hill, Deputy Minister for Budget and Development Planning, at the Ministry of Finance and Development Planning, Tanneh Geraldine Brunson, said of the total amount, external resources will account for US$110.00million.

The submission is in-line with section 65 of the amendment and restatement of the country’s Public Financial Management Act of 2009, which provides for the change in the fiscal year and for the formulation of a special national budget of six months to pave the way for transition to the new fiscal year, which started since 2022.

“We present the Draft National Budget,” Brunson stressed.

According to the MFDP official, over this fiscal year, domestic economic activities have been reasonably robust with revenue performing better than expected at mid-year.

“Despite external shocks resulting from escalating global prices of essential commodities and depressed export earnings, the macroeconomic fundamentals of our economy have remained resilient with the Liberian dollar maintaining a stable exchange rate against the United States dollar and inflationary pressures kept in check,” MFDP added.

“These were achieved due to stringent fiscal and monetary measures instituted by the Ministry of Finance and Development Planning and the Central Bank of Liberia, respectively, over the past several months,” the official indicated.

“The medium-term objective is to further enhance macroeconomic stability by upgrading the monetary policy framework and concluding the currency swap,” she narrated.

According to the Finance Ministry Official, despite optimistic outlook, considerable challenges remain in the areas of youth unemployment and infrastructural transformation.

House Speaker, Dr. Bhofal Chambers, receiving the budget expressed the hope that the draft National budget will serve the best interest of the people.

“We are thankful for the submission, though coming late, but better late than never. We hope it will serve the best interest of our people. In consultation with you, we hope to do the best we can, and hope that this agenda centers around radical thinking of the pro-poor agenda for prosperity and development could be enhanced with the collective support of everybody,” Speaker Chambers stressed.

According to the House Speaker, the Legislature, based on constitutional provision of Article 34d, will do what is required of that August body.

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