President George Manneh Weah through the Ministry of Finance and Development Planning has submitted the Fiscal Year 2020/21 supplemental budget with adjustment to the Liberian Senate for possible approval.
In a cover letter of the supplemental national budget adjustment Fiscal Year 2020/21 read in plenary of the Liberian Senate Thursday, June 17, in Monrovia, President Weah writes, “I have the honor to herewith submit to the 54th Liberian Legislature, a supplemental budget in the amount of US$66 million for your consideration and subsequent enactment.
This supplemental budget is the result of an additional year-end revenue projection of US$65.8 million-plus for the fiscal year 2020/21 of which: US$29 million-plus is captured in this supplemental budget to address pressures that have constrained the execution of the approved budget and US$36.3 plus is being carried forward of Fiscal Year 20/21 Special Budget.”
The adjustment supplemental budget captures the University of Liberia through a grant of US$2.3 million, while pensioners are allotted US$2.3 million, and the Liberia Bank for Development and Investment is to benefit US$15. 4 million, while compensation gets US$9.5 million and the excess revenue over the approved budget is US465.5 plus million.
The communication under the signature of President Weah calls on the Legislature to expeditiously deliberate and consider these adjustments to enable the government to resolve the issues on hand. In May this year, the government had submitted a special draft national budget for fiscal year July 1 to December 31, 2021, to the Liberian Legislature.
The total resource envelope, consisting of only domestic revenue, is estimated at US$301.5 million.
Acting Finance Minister Dr. Samora P.Z. Wolokolie at the time presented the draft fiscal instrument to House Speaker Bhofal Chambers.
The submission is in consonance with section 65 of the amendment and restatement of the PFM Act of 2009, which provides for a change in the fiscal year and for the formulation of a special national budget of six months to pave the way for a transition to the new fiscal year, which begins in 2022.Dr. Wolokolie at the submission projected economic growth at 3.2 percent up from a slump of 3.0 percent in 2020, with recovery momentum continuing in 2022 at 4.0.
Priority areas of the special budget include Agriculture, Education, Energy and Environment, Health, Commerce Industry, Infrastructure, and Basic Services, Security and Rule of Law, Public Administration, and Transparency and Accountability, respectively.
By E. J. Nathaniel Daygbor–Editing by Jonathan Browne