LIBERIA: House Speaker Bhofal Chambers Speaks On Details Of The National Budget
House Speaker Dr. Bhofal Chambers says the Legislature is continuing on its focus in working with the Executive to keep the country stable and secured, amidst the threat about the global pandemic and the ensuing special election for Senators, whose term meet constitutional expiration that affects the legislature directly.
Speaker Chambers says he believes that the Legislature is meeting their obligations as provided by the Constitution, though the challenges are daunting and has acknowledged the receipt of the draft National Budget with the total envelop-size of five hundred thirty-five million four hundred forty-six thousand United States dollars (US$535,446,000.00) for 2020/2021 from President George M. Weah through the Minister of Finance and Development Planning, Hon. Samuel D. Tweah.
The Maryland County Lawmaker has assured that the fiscal instrument which the Legislature has received from the Executive will be legislatively reviewed and scrutinized to reflect a mitigating scope of the Liberian economy, its trade and commerce, public administration, health, agriculture, education, and security, in line with the vast economic interest of the people. “The President has promised the good of the budget in his letter he sent to the Legislature. We will work with that branch of government, as we review and act legislatively on what we received”. Speaker Chambers asserts.
A letter to Speaker Bhofal Chambers from the President, Dr. George M. Weah, narrates that within the context of the government’s development policy prescription, under the Pro-Poor Agenda for Prosperity and Development (PAPD), the GOL intends to reset the priorities of the government, thus the sectors topping in the budget priority matrix are focused on Health, Education, Infrastructure, Agriculture, and Security Sector. The President says the focus of the public sector investment is directed at key activities and interventions that will stimulate economic growth and mitigate the effects of the ongoing Pandemic.
According to the President, the medium-term growth prospects of Liberia are promising as the economy is projected to grow at 4.0 percent and 4.2 percent respectively, in 2021 and 2022. On account of other economic potential sectors, including agriculture, fisheries, mining and panning, the GOL envisages that these sectors have shown positive growth, probably for the medium-term as the agriculture and fisheries sectors are poised for economic growth to reach 2.3 percent 2020, whilst the manufacturing sector is projected to record a modest growth of 1.6 percent.
The draft budget FY2020/21 submitted to the Legislature has Five Hundred Thirty-Five Million Four Hundred Forty-Six Thousand United States Dollars (USD$535,446,000.00) as its total envelop-size. Finance and Development Planning Minister, Mr. Samuel D. Tweah told reporters assigned at the Legislature that the draft budget has three percent increment compared to the FY2019/20 final recast budget of US$518.0 million of the projected resource envelope. The submitted budget for FY2020/21 has 407.5 million to be generated from domestic revenue collection whilst US$118 million is expected from external resources.