The Ministry of Finance and Development Planning Wednesday presented the Draft National Budget to the tune of US$535,446,000 (Five Hundred Thirty-Five Million Four Hundred Forty-Six Thousand United States Dollars) to the 54th Legislature for fiscal year 2020/202.
The 2020/2021 draft national budget comes in the wake of growing concerns over the delay of its submission.
The National Budget is a financial document or statement that sets the pace for the fulfilment of country operations.
House Speaker Dr. Bhofal Chambers along with some of his colleagues on Wednesday received the draft national budget from Finance Minister Samuel Tweah.
Min. Samuel Tweah told the legislature that the budget was crafted with the intent of getting along with the Pro-Poor Agenda for Prosperity and Development (PAPD).
According to Min. Tweah, the US$535,446,000 budget is expected to perform in what he calls “optimal way” for the country’s operations.The draft budget which is subject to enactment by the legislature differs from the that of 2019/2020 National Budget.
It can be recalled that the MFDP last budget year presented five hundred twenty-six million United States Dollars ($US526m) which was recast to five hundred twenty million ($US520m).
Min. Tweah told the legislature that the draft national budget shows that significant works need to be done for growth in revenue generation.
He said the MFDP is in pursuance with the financial law of Liberia that captures financial processes in the country. The Finance Minister also noted that the budget looks at pre and post COVID-19 periods and it won’t meet all areas of government operations.
Meanwhile, House Speaker Dr. Bhofal Chambers has expressed the legislature willingness to critically look at the draft budget to meet Liberia’s best desire before passing into law.