The House of Representatives has ratified the 2022 Draft National Budget of US$786.6 Million
The budget was approved yesterday with an increment of exactly US$1 million from its previous amount of US$785,587,340.00 submitted by the Ministry of Finance and Development Planning on behalf of President George M. Weah and the Executive Branch of Government for the calendar year January 1 to December 31, 2022.
Forty (40) Representatives voted for the passage, while Rep. Samuel Kogar (Nimba County District #5) voted to abstain and Rep. Ceebee C. D. Barshell (Montserrado County District #3) voted against the ratification of the budget.
In figures, the priorities are Heath: US$84,143,300; Education: US$88,096,824; Energy & Environmental Sector: US$34,057,233; Security and rule of law Sector: US$102,418,995; Agriculture Sector: US$10,164,912; among others.
Meanwhile, House’s Plenary has given a tax waiver to Jeety Rubber LLC for 15 years.
Members of the House of Representatives ratified the Investment Incentive Agreements between the Government of Liberia and Jeety Rubber LLC, signed November 16, following a report from the Joint Committee on Concession and Investment, Judiciary, Agriculture, and Ways, Means, Finance, and Development Planning.
According to the President’s communication on the tax waiver or tax holiday of Jeety Rubber LLC, under the agreement, the investor shall construct, develop and operate a national rubber processing and production plant for the production of tires and other natural rubber products, as long and short rubber goods.
Additionally, President Weah disclosed that the proposed processing plant will also produce condoms, hand gloves, rain boots, and rubber bands, among others.
He added that the plant, when established, will be expected to process 5,000 tons of rubber per annum; adding that the establishment of the plant for natural rubber processing and production will be the first major processing plant in Liberia and will be located primarily in electoral District 5, Margibi County.
He added that the investment will have significant benefits to the local economy, including foreign currency, and also support local small-holder farmers. When ratified, President Weah said the agreement will last for a period of 15 years.