Liberia: Finance Minister Presents Draft Budget for FY 2019/2020 to Speaker
MONROVIA – Finance and Development Planning Minister Samuel Tweah has presented a National Draft Budget for Fiscal Year 2019/2020 to the Speaker of the House of Representatives. The presentation was done on Friday, June 28, 2019 at the Capitol.
FY 2019/2020 envelope is in the tone of US$532,906,966.00 (Five Hundred Thirty Two Million Nine Hundred Six Thousand Nine Hundred Sixty Six United States Dollars).
The Speaker of the House of Representatives, Dr. Bhofal Chambers received the fiscal instrument and thanked the MFDP authorities for the submission. Speaker Chambers said though the Budget is being presented late, it is proper that it is well prepared before submission for legislative action.
During the presentation ceremony, Minister Tweah informed Speaker Chambers that President George Weah is committed to fighting fraud and abuse of resources.
Minister Tweah said government is making significant efforts to pay domestic vendors in the amount of US$35 million. The Minister further stated that issue of the country’s high wage bill was seriously considered in the Draft Budget for the Fiscal Year. According to him, the government is conducting payroll harmonization, and not a wage cut as it has been speculated, describing it as a revolutionary exercise.
Minister Tweah disclosed that government’s wage bill in 2018/2019 fiscal year was US$330 million but with the harmonization, the new wage bill for 2019/2020 will now be 297 million.
He added that the government has put in place strong revenue measures which will ensure US$22 million in new revenue during the new budget year.