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Senate Concurs with House of Representatives, passes US $570 Milliom draft National Budget

Monrovia-Barely 24 hours after the House of Representative passed the 2018/2019 national budget, the Liberian Senate has voted to concur with the House on the passage of the instrument.

 

By nyantee Togna-www.nyanteetogba@gmail.com

 

The 570 Million United States Dollars budget is the first fiscal budget to be approved under the Weah-Taylor government.

The Senate committee on ways, means, finance and budget in its report to plenary noted that it was pleased with the vigorous and thorough scrutiny of the Draft National Budget by the Joint Legislative budget committee.

On Tuesday, the House of Representatives passed the US $570 million dollars budget of which 52 lawmakers voted for the passage with no vote against while Montserrado County District Ten Representative Yekeh Kolubah abstained.

However, during the Senate’s Thursday sitting, the motion on the decision for the senate to concur with the house was made by Grand Kru Senator Peter Coleman after a reading by the Senate Deputy Secretary Genevie Massaquoi.

The two instruments received majority votes from Senate members, who were present.

Senators Varney Sherman of Grand Cape Mount County and Peter Coleman of Grand Kru County had some unsettled issues with the instruments and expressed un-readiness to vote on the matter until those issues were resolved but they were asked to express their un-readiness through their vote by Vice President Jewel Howard Taylor, who presided over the Special Session.

On Monday, April 30, President George Weah submitted the 2018/2019 Draft National Budget in keeping with Section 11(1) of the Public Financial Management Act of 2009, which requires the Executive Branch of Government to submit to the Liberian Legislature, the proposed budget along with accompanying documents no later than two months before the start of the fiscal year.

The Legislature, through its Joint Committee on Ways, Means, Finance & Public Accounts, conducted due process by entertaining opened hearings on the President’s revenue and spending proposals.

The process encouraged public engagement that highlighted the President’s ‘pro-poor’ vision of navigating the country’s economic development by thinking out of the box and proactively opening a new horizon.
The review and validation processes identified US$8 million as additional and encumbered revenue; thus a total of US$570,148,000 is the new Revenue Envelope for fiscal year 2018/2019.

The approved revenue envelop leaped from President Weah’s projected total of US$562.2 million to US$570.148 with concentration directed to Private Sector Investment initiatives.

Like the budget, the bill titled, “An Act Ratifying the Agreement for the Establishment of the African Export-Import Bank (AFREXIMBANK), was submitted by former President Ellen Johnson Sirleaf to the 53rd Legislature in 2017 and was resubmitted by President Weah to the 54th.

The bank, when established, will increase credit and trade financing to Liberian customers and investors, provide risk bearing guarantees and credit insurance and provide trade information and advisory service.

In 1993, African governments and combination of African and global investors established the AFREXIMBANK to connect public and private sectors across Africa, and to facilitate finance.

The bank is headquartered in Cairo, Egypt, and has three regional offices located in Abuja, Nigeria; Harare, Zimbabwe and Abidjan, Cote d’Ivoire.

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