PHOTO: Acting Finance Min. Wolokolie presenting the budget to Speaker Chambers
Contents of the new draft budget for the next fiscal period are yet to be known, but the Ministry of Finance and Development Planning is predicting an economic growth of 3% next year, 2022.
This was announced recently when the Finance Ministry presented the draft national budget to the Legislature on behalf of President George Weah and the executive branch of government.
The special draft national budget was submitted for fiscal year July 1 to December 31, 2021 earlier this week.
The total resource envelope, consisting of only domestic revenue, is estimated at US$301.5 million
Acting Finance Minister Dr. Samora Wolokolie presented the draft fiscal instrument to House Speaker Dr. Bhofal Chambers on Tuesday.
The submission is in-line with section 65 of the amendment and restatement of the PFM act of 2009, which provides for the change in the fiscal year and for the formulation of a special national budget of six months to pave the way for transition to the new fiscal year, which begins in 2022.
Speaking during the presentation ceremony, Dr. Wolokolie noted that the submission projected economic growth at 3.2 percent up from a slump of 3.0 percent in 2020, with recovery momentum continuing in 2022 at 4.0.
Priority areas of the special budget include agriculture, education, energy and environment, health, industry and commerce, infrastructure and basic services, security and rule of law, public administration and transparency and accountability.
House Speaker Bhofal Chambers, receiving the budget, expressed hope that the special budget will serve the best interest of the people.
“We are thankful for the submission, and we hope that it will serve in the best interest of our people.”
“In consultation with you,” we hope to do the best we can, and hope that this agenda center around radical thinking of the pro-poor agenda for prosperity and development could be enhance with the collective support of everybody.”
“We also hope that the press should also be able to propagate the message in a possible way so that citizens know what the special budget is about,” Speaker Chambers stressed.
According to Speaker Chambers, the legislature based on constitutional provision of article 34d, will do what is required of that body.
“Having said that, based on our constitution, article 34 d, we will do what is required of us.”
“We will do and shall commit ourselves to doing it and we expect that the senate in the same way will cooperate or coordinate other activities of the draft budget,” he added. Report by Augustine Octavius, augustineoctavius@gmail.com