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FinanceGeneralLiberia news

Weah requests more time

--for 2023 Budget submission

By Bridgett Milton

The House of Representatives has noted a communication of request from President George Manneh Weah for an extension in the submission of the National Draft Budget for 2023.

President Weah’s communication to the House of Representatives was noted Tuesday, 1 November during the House’s regular session.

He asked the full plenary for an extension of the submission of the FY2023 Draft National Budget by 22 working days as of October 31, 2022, on or before November 30, 2022.

According to President Weah, the reason for the delay in the preparation of the National Budget is that he wants it to be consistent with his government’s program.

Under the International Money Fund (IMF), the Government has to conclude discussions with the IMF regarding the next monetary and fiscal policy goals, which are largely aimed at achieving macroeconomic stability.

He said as a follow-up to the recent discussion at the World Bank Annual Meeting, an IMF 5th Review Mission under his administration extended credit facility program is in Monrovia to conclude its assessment of his government’s macroeconomic developments and performance, and the fiscal policy outcomes and projections for the ensuing fiscal year.

Pres. Weah noted in his Communication that under the ECF Program, the Executive and partners are concluding negotiations before finalizing the resource envelope for the next fiscal period.

The Communication also stated that it is important to ensure that the Country’s resource envelope is realistic and reflects government’s priorities in the wake of the worsening macroeconomic outlook intensified by the lingering impacts of COVID-19, the Russia/Ukraine War and the increasing expenditure demands on Liberia’s meager resources.

He also noted that this preparation will ensure adequate funding for the 2023 General and Presidential Elections, address extra-budgetary pressures to subsidize the current rice situation in the country, as well as to fund government institutions in order to remain operational without causing disruptions during the elections year.

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The New Dawn is Liberia’s Truly Independent Newspaper Published by Searchlight Communications Inc. Established on November 16, 2009, with its first hard copy publication on January 22, 2010. The office is located on UN Drive in Monrovia Liberia. The New Dawn is bilingual (both English & French).
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