Finance Ministry Submits Over US$785.5M National Budget

Flashback: Finance Minister Samuel D. Tweah, Jr (right) presents the draft National Budget to House Speaker Dr. Bhofal Chambers.

The Ministry of Finance and Development Planning on behalf of President George M. Weah and the Executive Branch of Government, has submitted the first national budget for calendar year January 1 to December 31, 2022, to the National Legislature.

The budget is in the tone of US$785,587,340.00.

Finance Minister Samuel Tweah presented the draft fiscal instrument to House Speaker Dr. Bhofal Chambers on Thursday, November 18, and arguably said “it is the highest budget envelope ever in the country.”

The submission of the budget 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.

The budget should have been submitted since October according to the amended PFM Law of 2009, therefore it is about 17 days late.

Minister Tweah at the submission of the projected national budget said the Agriculture sector has been increased by 60.5%; Energy and Development Sector 76.1%; Security sector by 11.3%, as well as Health sector by 12.3% among others.