President Boakai says the Ministry of Finance has requested additional time for the budget submission to finalize technical and economic assumptions for the revenue forecast.
Monrovia, November 1, 2024: President Joseph Nyuma Boakai has written to House Speaker Cllr. Fonati Koffa requesting an extension of the legislative session so that the Executive can present a draft national budget.
The communication, Dated October 29, 2024, noted that the draft budget presentation was due on October 31, 2024.
President Boakai’s communication came amid an ongoing political crisis on Capitol Hill that has disrupted legislative sessions for several weeks.
Some 40 members of the House of Representatives oppose Speaker Koffa’s leadership and have refused to submit to his garble.
They have been conducting separate meetings away from the Chambers under Koffa’s control to oust the embattled speaker.
Koffa has about 30 representatives backing his leadership, but he needs seven additional representatives to conduct sessions.
President Boakai’s communication with Speaker Koffa suggests that the executive recognizes his leadership as the rebel lawmakers lack the required 49 members to vote Kofas out.
Addressing Speaker Koffa, President Boakai said the new proposed date for submitting the draft national budget is November 8, 2024.
“We request the additional time to present a comprehensive draft budget that would accommodate all potential sources of revenue, as well as public priorities, in keeping with Section 17.1 of the 2019 Amendment of the Restatement of the Public Financial Management Act of 2009 ( PFM Law), and it’s accompanying regulations,” said President Boakai.
He detailed that the Government of Liberia is also concluding discussions with its development partners whose contribution and inputs are critical in the budget formulation process.
According to President Boakai, the Ministry of Finance and Development Planning has informed the Executive of the need for additional time to collaborate with the Liberia Revenue Authority and other stakeholders to finalize their technical and economic assumptions for the revenue forecast.
President Boakai stated that the Finance Ministry is also discussing the budget ceilings and expenditure priorities with spending entities in relation to the ARREST Agenda for Inclusive Development – which will begin implementation in January 2025.
“Accordingly, I ask for your understanding as we complete the necessary processes to ensure that the draft national budget for FY2025 is submitted to the National Legislature by November 8, 2024,” President Boakai wrote.
He expressed confidence that the FY2025 budget process will serve as another opportunity to strengthen the spirit of coordination needed to achieve shared national vision and goals.
