Liberia Has $371M For 2009/2010

Liberian Legislative members in session

Liberian Legislative members in session

Following consultations among the lawmakers of the lower house of the National Legislature and heads of the various governmental institutions, members of the House of Representatives on Tuesday, July 7, 2009 passed the Fiscal Budget of 2009/2010 in the tone of US$371,908,797 or the equivalent of L$24,545,980,602 at the given Central Bank of Liberia (CBL) rate of L$66 to US$1, an additional US$24 million to the drafted figure of US$347 million.

According to a copy of the Act to approve the Budget for the Fiscal Year 2009/2010, it states: “It is now, therefore, enacted by the Senate and House of Representatives of the Republic of Liberia in Legislature assembled that the budget of the Republic of Liberia for the fiscal period beginning July 1, 2009 and ending June 30, 2010 in the amount of L$24,545,980,602 (twenty four billion, five hundred forty five million, nine hundred eighty thousand, six hundred two Liberian dollars); same being US$371,908,797 (three-hundred seventy one million, nine hundred eight thousand, seven hundred ninety-seven United States dollars) is hereby approved”.

The passage of the budget means that Fiscal Year 2009/2010 National Budget has an additional US$24,873,111 to the proposed Draft National Budget for Fiscal Year 2009/2010 initially put at US$347,035,686.

Can the US$24 million increment in the budget help the average Liberians like these residents Queued For Water That Is Located In A Nasty Drainage

Can the US$24 million increment in the budget help the average Liberians like these residents Queued For Water That Is Located In A Nasty Drainage

The additional US424 million , according to revenue configuration, has US$2,815,000 unspent revenue from Fiscal Year 2008.2009, a total of US$3,000,000 from Mittal Steel past due for social development funds for the Fiscal Year of 2008/2009, the Bureau of Maritime Affairs outstanding revenue of US$3,244,949, among others.

This year’s budget is the highest in the history of the country and surpasses that that of last year which was US$298,087,792 by a little over US$71 million.

Tuesday’s passage of the Budget by the House of Representatives followed Monday’s closed door meeting that lasted for nearly seven hours in which the Draft National Budget for Fiscal Year 2009/2010 was discussed and it was thereafter promised by Speaker Alex Tyler of Bomi County that an opened regular session of the House of Representatives would be held today Tuesday July 7, 2009 with the likely passage of the Budget.

Characterized by errors dubbed as “human” or “Information Technology” (IT) error by Finance Minister Augustine Ngafuan and unexplained error under the code “Correctional palace staff’ by outgoing Justice Minister Philip Banks among others, the passage of the Budget by the Lower House of  the National Legislature follows intensive budget hearings which witnessed repeated appeals from virtually every ministry and agency for increments in their respective proposed budgets during their appearances before the Joint Committee in which they put up strong defenses for their appeals for their budgetary allotment that will smooth them through for the next 12 months.

Civil Servants’ Increased Salary

The representative passed the US$371 million budget with a mandate to the Ministry of Finance to begin the payment of civil servants the minimum salary of UD$80, an addition of US$10 to the previous fiscal year.

Others believe that the increment in the salary of the civil servants will at least make their July 26 Celebration (Liberia’s Independence Day) an adjustable one for the ever increasing economic situation in the country.

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