The Ministry of Finance and Development Planning (MFDP) has unveiled its draft national budget for FY 2024, highlighting strategic investments in agriculture, infrastructure and health to advance the government’s ARREST agenda. With a proposed budget of US$692,409 million, the government aims to accelerate critical projects essential for national development.
Presenting during the on-going expenditure component of the budget hearings before the joint Legislative Budget Committee, the Ministry of Finance stated that the draft budget signifies notable shifts in economic allocations compared to the previous fiscal year. While compensation of employees remains consistent, significant reductions are observed in the allocations for goods and services and grants.
In line with the government’s commitment to addressing outstanding debts, the draft budget proposes an increase in both domestic and foreign liabilities.
National claims are expected to rise by US$27,244,017, primarily attributed to augmented allocations towards domestic liabilities and grants. The ministry said it has also identified the rule of law, education, sanitation and tourism as pivotal sectors for national development.
Aligned with the objectives of the national development plan and Vision 2030, the FY 2024 draft budget emphasizes 15 County Development Agendas and a Public Sector Investment Program, with a focus on agriculture, road, health and energy.
According to the Finance Ministry, key budget policies underscore the ARREST agenda, 100-day deliverables, and gender-responsive planning and budgeting. Moreover, efforts are underway to streamline the penalty regime and bolster the Liberia Revenue Authority’s capacity for taxpayer information collection to safeguard the revenue base.
The MFDP said its budget proposal reflects the government’s steadfast commitment to sustainable development and economic resilience enhancement.
Meanwhile, in a bid to foster citizens’ engagement, the Joint Legislative Committee is actively soliciting questions from civil society organizations participating in the on-going budget hearings.
