Monrovia, December 19, 2023 – The Ministry of Finance and Development Planning (MFDP) has officially submitted the draft national budget for the fiscal year 2024 to the Honorable House of Representatives (HOR), outlining a total budget of US$625.57 million. Deputy Finance Minister for Budget and Development Planning, Tanneh Geraldine Brunson, presented the budget during the submission process on Tuesday.

Of the total budget, US$623.14 million, constituting 99.6 percent, is projected to be sourced from domestic revenue, while the remaining US$2.43 million, or 0.39 percent, is expected to come from external resources. Deputy Minister Brunson emphasized that the proposed expenditure for FY 2024 aligns with the projected resource envelope.

The recurrent component of the expenditure is highlighted at US$594.54 million, representing 95 percent of the total proposed expenditure, while the Public Sector Investment Projects are projected to cost US$31.03 million, constituting 5 percent of the overall budget.

Deputy Minister Brunson outlined the allocation of the recurrent expenditure based on priority, with obligations such as Debt Service (Domestic and external), Compensation for Employees, Grants, Goods, and Services for the Education and Health Sectors being given precedence.

The submission, by Section 17.1 of the Public Financial Management Act, covers the period from January 1, 2024, to December 31, 2024. During her presentation, Deputy Minister Brunson acknowledged the possibility of the incoming administration introducing policy changes, emphasizing the spirit of continuity in governance.

She attributed the delay in submission to the national preoccupation and distraction associated with the competitive elections. Deputy Minister Brunson highlighted that, in response to mounting pressures, only critical national programs and projects in three sectors have been proposed under the Public Sector Investment Program (PSIP) segment of the budget, including the National Road Fund under the Infrastructure and Basic Services Sector.

Upon receiving the budget, the Honorable Speaker, Dr. Bhofal Chambers, acknowledged the delay and called for an automatic scheduling of the budget process. He expressed the legislature’s commitment to ensuring diligence in the review process and emphasized the importance of coordinating among the three branches of government.

Speaker Chambers also highlighted the legislature’s attention to the Supreme Court’s ruling instructing the government to settle arrears of former legislators and prioritize payments to victims of the shipwreck during the budget review process. He assured that the legislature would prioritize the interests of the country and its people in the passage of the budget.