Liberia: State Owned Enterprises Discuss Budget Estimates for Fiscal Year 2019/2020
Monrovia – The Ministry of Finance and Development Planning, in collaboration with the Ministry of State for Presidential Affairs, last Thursday hosted a meeting with SOEs to discuss “Critical Issues Concerning SOEs”.
The meeting which was held in the C. Cecil Dennis Jr. Auditorium at the Ministry of Foreign Affairs was chaired by Hon. Samuel D. Tweah, Minister of Finance & Development Planning, alongside Hon. Nathanial F. McGill, Minister of State for Presidential Affairs, focused on; SOEs Tax Arrears, Budget Support for the fiscal year 2018/2019, SOEs Budget Estimates for fiscal year 2019/2020, Improving SOEs Revenue Performance, and SOEs Reforms.
During the meeting, Minister Tweah emphasized the need for SOEs to meet their tax obligation of US$9.27 million that is legitimately due to the government of Liberia and stressed the need for SOEs meeting their budget support obligation by the end of the fiscal year 2019. Minister Tweah applauded those SOEs whom have met their budget support obligation and encouraged them to do more given the government limited fiscal space.
Additionally, Minister Tweah also called on SOEs on the adherence of the President’s mandate on SOEs Salary harmonization and adjustment which are to be deposited into the salary adjustment account at the Central Bank of Liberia and encouraged SOEs to abide by the President’s mandate them and make the deposit of the savings that have already being applied to employees.
According to the records of the Revenue Forecasting Unit at the Ministry of Finance and Development Planning, as of the third quarter of the fiscal year, 55% of the estimated budget target of the sector has being realized and deposited into the Consolidated Fund Account at the Central Bank of Liberia . The minister encouraged SOEs executives to make a consorted efforts to meet their commitment as per the budget as the fiscal year draws to a close.
SOEs executives on the other hand, also stressed series of challenges in their respective sector and called on the Government of Liberia to be forthcoming in settling debt obligation for services delivered owed their respective entities.
Minister McGill, for his part, called on SOEs to create a synergy amongst themselves for the enhancement of revenue generation of their respective entities. Minister Mcgill also stressed the need for such meeting to be held once every month where SOEs executives will have the opportunity to meet with the President and share some of their challenges confronting their sector.
The meeting was attended by: Hon. Bill Twehway, Managing Director (NPA); Madam Nyemadi D. Pearson, Managing Director (LPRC); Herbie T. McCauley, Managing Director (NTA); Ivan Brown, Chairperson, Board of Commissioners (LTA); Bishop J. Allen Klayee, Acting Managing Director (LAA); Duannah Kamara, Managing Director (LWSC); C. Mike Doryen, Managing Director (FDA); Ledgerhood J. Rennie, Director General (LBS); Emma Metieh-Glassco, Director General (NaFAA), and Thomas Doe Nah, Commissioner General (LRA).
Others in attendance included, Mosses Weefur, Deputy Director-General (LCAA); Nya Twayen Jr., Deputy Director-General (NASSCORP); Phillip Jacques; CFO Liberia Electricity Corporation (LEC), Eric Daniels
CFO national Oil Company of Liberia (NACOL), Nya S. Gbeintor, Head Administer (LiMA), Mr. Benedict G Fully, Director of SOE Unit/ MFDP, among others.