House of Representatives Unanimously Passes 2024 Recast Budget

The Liberian House of Representatives has unanimously passed the 2024 Recast Budget, maintaining the total allocation at $738,859,000. This decision came after a thorough review by the Conference Committee from both chambers, which made adjustments amounting to $6.6 million.

The approved budget includes provisions for borrowing $9.5 million from commercial banks, as well as issuing T-Bills and Bonds through the Ministry of Finance and Development Planning (MFDP) to address the $17 million deficit.

According to a statement from the House Press Bureau, key allocations in the budget include $6,649,788 designated for critical sectors such as health, education, the Liberia Airport Authority, and the Liberia Water & Sewer Corporation. Funds are also earmarked for water assessments in southeastern regions of the country, as well as drug rehabilitation programs and efforts to combat Monkeypox.

Following the budget’s passage, House Speaker Cllr. J. Fonati Koffa expressed his gratitude to his colleagues for their dedication to the Liberian people. "We have answered the call of the People and ensured that our Country is not held hostage," Koffa remarked.

Speaker Koffa emphasized the Legislature’s duty to manage public funds responsibly, acknowledging the ongoing challenges in the budget process that require urgent attention. He called on the Committee on Ways, Means, and Finance to begin early preparations for the 2025 National Budget, stressing the need for a more structured approach to financial management.

He further highlighted the importance of transparency and accountability in the execution of budgetary provisions by the executive branch, stressing that fiscal responsibility is crucial for Liberia’s sustainable development.

The passage of the 2024 Recast Budget marks a critical step towards ensuring financial stability and progress in Liberia. Meanwhile, the House of Representatives is expected to adjourn its extraordinary session on Tuesday, September 24, and resume the second Friday in October.