-Both Chairs on Ways, Means, Finance and Budget boycott opening process
By Mark N. Mengonfia, mmenginfia@gmail.com
The Liberian Legislature today commenced hearing in the 2019/2020 resource component of the draft national budget, US$532,906,966.09, but in the absence of the two Chairpersons and the Minister of Finance, Samuel Tweah on Tuesday.
The Finance and Development Planning Minister Tweah, without any written communication to the committee WMFBDP, had a proxy to represent him on such a critical national hearing at the Capitol Building in Monrovia.
Minister Tweah in an oral communication told his proxy to inform the body that he is travelling and that he was unable to attend the hearing, although he didn’t say where he has gone.
On the other hand, the two chairpersons on WMFBDP Representative Thomas P. Fallah and Sen. Morris G. Saytimah also didn’t show up for the hearing, but their co- chairpersons.
As for Rep. Fallah, he informed his colleagues that he could not attend because of the death of one of his staffers.
Lawmakers Marvin Cole, Matthew Zarzar, Matthew Jaye were lawmakers who raised concerns about the Minister’s absence.
Rep. Mervin Cole was one lawmaker who referred to the Minster of Finance and Development Planning action as a disrespect to the body.
Officially starting the hearing, the Co-chairs of the joint committee on WMFBDP, Rep. Jeremiah Koon and Senator Marshall Dennis told members of the Liberia Revenue Authority(LRA) and the Ministry of Finance and Development Planning (MFDP) that the hearing is in keeping with Arctic 39 d(I) of the laws of Liberia.
“We are happy that you are here today for this hearing,” Rep. Jeremiah Koon told the witnesses.
Representative Dennis said: “I hope that the budget is the most convenient one. We do not want to hear the age old talk about budget shortfall.”
Making an opening statement on behalf of his boss, Deputy Minister for Facial Affairs, Samora Wolokollie said the actual revenue to be mobilized domestically is an equivalent of US$472.1 M or 89% of the total resource envelope of which US 465.1 M is core revenue and US 7.0 m is contingent revenue.
He informed the committee that US$60.8 m or 11% constitutes external resources of which multilateral grants is US 20.8 million and concessional loan which is also a contingent element of the envelope is US 40 m.
Deputy Minister Wolokollie furthered that Sixty-three percent of domestic revenue is projected in USD 297.4 million, while thirty -seven percent totaling USD 174.6 million.
Additionally he said that from the key extractive sectors, a total of US 60.7 m is expected; this is on an actual low base of US 48.1 m in FY- 2018/2019.
He said ” you would notice that this figure is also a low when compared to few years back when commodity prices were better than today. This increase is largely due to iron ore mining”.
Be also said that the service industry such as banking & non-banking financial services, telecommunications, hotel and restaurant services, airline ticketing and professional services consultancy and stevedoring services and, constitution services revenue forecast is US 52.4 m.
Supermarkets, fisheries, building materials, motor vehicles sales and repairs among others account for US 116.2 m is expected.
External budget support is US 60.8 m of which grant is US 20.8 m and loan is 40.0 million.
Additional, US 40 m loan is expected from the World Bank International Development Assistance Program.
The process of the revenue hearing of the National Budget is expected to last for ten (10) days according to the committee co-chairperson, Rep. Koon.