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US$20 Million Budget Hits Liberia
Posted On 06 Mar 2020
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By Abdul Rahman Suagibu –
Liberia’s President Weah
Photo Credit: The Next Edition
NEW AFRICA BUSINESS NEWS ( NABN ) Freetown, Sierra Leonne- The Western Africa nation – Liberia, has breathed with a hard national reserve; strike by an appropriation shortfall of US$20 Million in an already cash-strapped stricken frugality.
Literally, the Ministry of Finance and Development Planning in partnership with the specialized committee of the Liberian Legislature through the Ways, Means, Finance and Budget Committees of both houses, has begun forecasting of the current 2019/20 national budget expected to the shortfall.
References from the Finance and Development Planning Ministry, encompassing the House of Representatives and the Senate Ways, Means, Finance and Budget Committees are now grinding out specialized circumstances in re-shifting nationwide preferences to modify the contemporary truths confronting the government.
Expressing crucial weaknesses that have occurred in the budget procedure, and expense supervisions, the source said, will be critical in the coming months.
“In recent weeks, it has become clear that a significant number of road contracts were being implemented without corresponding budgetary allocations. The authorities are initiating external audits of the financial and technical aspects of these projects, and are working with relevant stakeholders to ensure commitments outside the budget do not occur again”, the source divulged.
Yet, no explanation previously given for the shortfall, it is believed that the government has not developed the desired revenue projected from the revenue-generating agencies.
The source further related that, the Liberia Revenue Authorities (LRA) and other revenue-generating agencies are working tirelessly to guarantee the US$530 projected in the current national budget is achieved.
“The forecasting of the budget means areas that were earlier captured with much financial attention will now be reduced to fit the current realities and that the hit of about US$20 million is big blow to the already struggling economy of a country that’s facing serious international aid drought,”
With the shortfall, government with full awareness and partnership from the Liberian Legislature will rework the 2019/20 national budget priority, thrusts and shift some to areas that may consume less money, but significant priority areas, including earnings and privileges will be maintained.
The authorities from the Finance and Development Planning Ministry and the Liberian Legislature appear reticent presently to remark on the hypotheses. And within matter of days, the government is hoped to initiate the forecasting strategy to the House of Representatives.
This is the biggest shortfall the Weah administration is suffering. Last budget year, the government felt a shorts of US$8.2 million, after loss to collect US$31 million bulged for the National Road Fund Fee to fund the 2018/2019 Fiscal Budget.
For New Africa Business News (NABN) Abdul Rahman Suagibu Reports, Africa Correspondent
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For New Africa Business News (NABN) Abdul Rahman Suagibu Reports, Africa Correspondent
Facebook: newafricabusinessnews.com
Email: Info@newafricabusinessnews.com
AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com
