By Bill W. Cooper
The House of Representatives yesterday voted for the passage of Fiscal Year 2022 Draft Restated National Budget in the tune of US$806,587,341.
restatement is necessitated by the need to address urgent/ unforeseen National expenditure demands through reprioritization of the country spending plan.
The Liberian leader stressed in his communication that recent economic challenges have become very daunting as the stark realities of spiraling prices of basic commodities take hold in the wake of global economic uncertainties resulting from the Russia and Ukraine crisis.
Notably, the total revenue envelope for the proposed Restated Budget is US$806,587,341 thus reflecting a net upward adjustment of US$20,000,001, or 2.9 percent over the originally approved budget of US$785,587,340.
According to President Weah, the extra fiscal space was yielded through internal reprioritization of existing programs, identifying additional resources, as well as a World Bank Loan of US$15,000,000.
Recurrent expenditure is estimated to be US$648,552,000 or 79 percent of total proposed expenditure, while expenditure for public sector investment is estimated to be US$158,035,000 or 21 percent of total proposed expenditure.
Additional recurrent allocations have been made in the Restated Budget for critical objects of expenditure such as Pension for Retired Civil Servants, Subsidy for Provision of Electricity, and Repayment of a Foreign Obligation that has fallen due.
Breakdown recurrent allocations by major expenditure object as captured in the President’s communication to the House put Goods and Services at US$4,000,000, Debt Service: US$1,500,000 while Social Benefits: US$2,500,000 totaling US$8,000,000.
Under the Public Sector Investment Expenditure; highlights of allocations for Public Sector Investment Projects (PSIP) in the restatement include allocations for Obligations to the CLSG Electricity Grid, Rice Stabilization, and Community Development Project.
Completion of the 15th Judicial Circuit Court Complex in River Gee County and the 3rd Judicial Circuit Court Complex in Sinoe County and allocation for Solid Waste Management are inclusive.
President Weah further informed the lawmakers through his communication that Liberians have all observed the potential risk of disadvantaged youths for whom the Government must take actions to reform them.
He added that his Government has also allocated US$1,000,000 for an Annual National At-Risk Youth Program, and stated that the total amount earmarked for PSIP is US$33,375,000.
