{"id":49144,"date":"2023-12-20T15:54:29","date_gmt":"2023-12-20T15:54:29","guid":{"rendered":"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-a-recurrent-expenditure-takes-center-stage-in-draft-2024-budget"},"modified":"2023-12-20T17:01:30","modified_gmt":"2023-12-20T17:01:30","slug":"liberia-a-recurrent-expenditure-takes-center-stage-in-draft-2024-budget","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-a-recurrent-expenditure-takes-center-stage-in-draft-2024-budget","title":{"rendered":"Liberia: A Recurrent Expenditure Takes Center Stage in Draft 2024 Budget"},"content":{"rendered":"

Africa-Press – Liberia. <\/strong><\/span>The outgoing administration of President George Weah has submitted a US$625.57 million draft budget for the fiscal year 2024, raising concerns as nearly all of the allocated funds are earmarked for recurrent expenditure, leaving limited room for public sector investment.<\/p>\n

The budget, which the House of Representatives has voted to act upon next year, has a recurrent expenditure component of US$594.54 million of the total proposed expenditure, while the total cost of Public Sector Investment Projects is projected to be US$31.03 million.<\/p>\n

According to the Weah administration, the US$594.54 million has been earmarked for servicing debt (domestic & external), salary compensation, grants, as well as goods and services, among others.<\/p>\n

Tanneh Brunson, the Deputy Finance Minister for Budget at the Ministry of Finance, while submitting the budget yesterday, disclosed that out of the projected US$625.57 amount, US$623.14 \u201cis projected as domestic revenue,\u201d while the amount of US$2.43 million is projected to come from external resources.<\/p>\n

\u201cWhile this budget is a reflection of the programs and priorities of the outgoing administration, it should not be unexpected that the incoming administration may institute measures to tweak, recalibrate, or even recast the programs and priorities herein to indicate policy change, hopefully in the spirit of continuity in governance,\u201d Brunson stated.<\/p>\n

\u201cIn the wake of mounting pressures, especially national debt burden and recurrent expenditures,\u201d she continued, \u201conly critical cross-cutting national programs and projects in three sectors have been proposed under the Public Sector Investment Program (PSIP) segment of the budget. Among these is the National Road Fund under the Infrastructure and Basic Services Sector.\u201d<\/p>\n

The budget, which the Speaker of the House claims is three months behind schedule, comes three days before the final session of the 54th Legislature.<\/p>\n

About a fortnight ago, the outgoing Weah administration requested the legislature to extend days to address critical bills of national concern in accordance with Article 32 (b) of the Constitution.<\/p>\n

\u201cI am pleased to kindly request the extension of the Sixth Session of the 54th Legislature by ten (10) working days beginning December 11, and ending December 22,\u201d Weah said.<\/p>\n

In the President\u2019s communication, he said the rationale for the request for an extension is premised on matters of critical national concern, such as the submission of the FY2024 National Budget and action on critical bills still pending before the Legislature.<\/p>\n

Despite an inevitable delay in the submission of the budget, Weah, in a communication Tuesday accompanying the budget, said that because the submission of the financial instrument coincides with a period of changeover in administration, he can only request that the Legislature \u201cexpeditiously deliberate the budget for timely consideration and passage into law to enable the incoming administration to have an auspicious beginning.\u201d<\/p>\n

The communication said: \u201cPursuant to Section 17.1 of the Public Financial Management Act, I am pleased to submit to the 54* National Legislature of the Republic of Liberia, the Draft National Budget for the Fiscal Year 2024, covering the period January 1, 2024, to December 31, 2024.<\/p>\n

\u201cI use this opportunity to extend sincere apologies for the delayed submission attributed primarily to the national preoccupation and distraction associated with the very competitive elections,\u201d the President added.<\/p>\n

Meanwhile, the House of Representatives has voted that the 2024 budget be forwarded to Ways and Means, Investment and Concessions, and Judiciary Committees and to report during the 55th Legislature<\/p>\n

For More News And Analysis About Liberia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Liberia. The outgoing administration of President George Weah has submitted a US$625.57 million draft budget for the fiscal year 2024, raising concerns as nearly all of the allocated funds are earmarked for recurrent expenditure, leaving limited room for public sector investment. The budget, which the House of Representatives has voted to act upon […]<\/p>\n","protected":false},"author":84,"featured_media":49143,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,237,234],"class_list":["post-49144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-liberia","tag-liberia"],"yoast_head":"\nLiberia: A Recurrent Expenditure Takes Center Stage in Draft 2024 Budget - Liberia<\/title>\n<meta name=\"description\" content=\"The outgoing administration of President George Weah has submitted a US$625.57 million draft budget for the fiscal year ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-a-recurrent-expenditure-takes-center-stage-in-draft-2024-budget\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Liberia: A Recurrent Expenditure Takes Center Stage in Draft 2024 Budget\" \/>\n<meta property=\"og:description\" content=\"The outgoing administration of President George Weah has submitted a US$625.57 million draft budget for the fiscal year ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-a-recurrent-expenditure-takes-center-stage-in-draft-2024-budget\" \/>\n<meta property=\"og:site_name\" content=\"Liberia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-20T15:54:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-20T17:01:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/liberia\/sites\/37\/2023\/12\/sm_1703078921.811313.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-a-recurrent-expenditure-takes-center-stage-in-draft-2024-budget#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-a-recurrent-expenditure-takes-center-stage-in-draft-2024-budget\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Liberia: A Recurrent Expenditure Takes Center Stage in Draft 2024 Budget\",\"datePublished\":\"2023-12-20T15:54:29+00:00\",\"dateModified\":\"2023-12-20T17:01:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-a-recurrent-expenditure-takes-center-stage-in-draft-2024-budget\"},\"wordCount\":565,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-a-recurrent-expenditure-takes-center-stage-in-draft-2024-budget#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/liberia\/sites\/37\/2023\/12\/sm_1703078921.811313.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Liberia\",\"Liberia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-a-recurrent-expenditure-takes-center-stage-in-draft-2024-budget#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-a-recurrent-expenditure-takes-center-stage-in-draft-2024-budget\",\"url\":\"https:\/\/www.africa-press.net\/liberia\/all-news\/liberia-a-recurrent-expenditure-takes-center-stage-in-draft-2024-budget\",\"name\":\"Liberia: A Recurrent Expenditure Takes Center Stage in Draft 2024 Budget - 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