Finance Ministry Presents Long delayed FY 2024 with a decrease of over US$157 million indicating difference between current instruments

Capitol Hill: The Draft National Budget submitted by the Ministry of Finance to the National Legislature for Fiscal Year 2024 shows a decrease of over US$157 million, indicating the difference between the current instrument and the approved budget of Fiscal Year 2023.

On Tuesday, December 19, 2023, the Deputy Finance Minister for Budget and Development Planning, Tanneh Geraldine Brunson presented the draft budget to the House of Representatives through House Speaker Dr. Bhofal Chambers in the tune of US$625.57 million.

The 2023 FY budget finally signed into law by President George Weah was in the tune of US$782,943,000, a US$5 million increase to the version submitted by the Executive.

But our legislative reporter said the current draft instrument submitted by the Executive through the Ministry of Finance and Development is in the tune of US$625,570,000 covering January 1, 2024 to December 31, 2024, which points to a whopping decrease of US$157,373,000.

According to our reporter, the draft budget for FY2024 should have been submitted to the Legislature in October, 2023 in consonance with the Public Financial Management Act for further legislative actions but President George Weah formally asked the Legislature to extend their sitting by 10 additional days to receive the budget.

During the presentation up Capitol Hill, Minister Brunson initially apologized to the Speaker for delay in the submission of the budget, attributing the delay to the national preoccupation and distraction associated with the 2023 competitive elections.

Receiving the budget, House Speaker, Dr. Bhofal Chambers said the body will among other things pay keen attention to the Supreme Court’s ruling instructing the government to settle the arrears of former legislators.