After months of public criticism and demands for transparency, the Government of Liberia, through the Ministry of Finance and Development Planning (MFDP), has finally published the national budget for the fiscal year 2024. The budget, amounting to $738,859,827.00, was released on Monday, July 1, 2024, as mandated by the amended 2019 Public Financial Management (PFM) Law.
President Joseph Boakai signed the approved budget on May 8, 2024, which saw an adjusted revenue envelope increasing from the initially proposed $692,408,827 to the final figure of $738,859,827. This adjustment represents an increase of $46,451,000, indicating a significant boost in expected revenues.
The budget covers the fiscal period from January 1, 2024, to December 31, 2024. Despite the budget being printed into handbills on May 16, 2024, it had not been made public until now, violating legal requirements for transparency and accountability in government financial activities. This delay led to substantial public outcry, with citizens and civil society organizations calling for immediate publication to uphold the principles of open governance.
The publication of the budget is seen as a crucial step toward addressing these transparency concerns. Citizens have emphasized the importance of being informed about how public funds are allocated and spent. The delay in releasing the budget had fueled suspicions and dissatisfaction among the public, highlighting the need for timely dissemination of financial information by the government.
In the wake of the budget’s release, many are now scrutinizing its contents to understand the government’s priorities and planned expenditures. The budget allocation covers various sectors, including healthcare, education, infrastructure, and social services, which are critical to the nation’s development and welfare.
Public reaction to the budget’s publication has been mixed. Some commend the government for finally complying with the legal requirements, while others remain critical of the delay and demand more proactive measures to ensure transparency in the future. Civic groups and watchdog organizations have called for stricter enforcement of the PFM Law to prevent such delays and ensure continuous public access to financial information.
The release of the budget also underscores the importance of the legislative oversight process. Lawmakers and financial analysts will now have the opportunity to review the budget in detail, assessing its allocations and projected revenues to ensure they align with national priorities and development goals. This process is vital for holding the government accountable and ensuring that public funds are used effectively and efficiently.
As Liberia moves forward, the emphasis on transparency and accountability in government finances remains paramount. The public and civil society organizations are likely to continue monitoring the implementation of the budget closely, advocating for regular updates and reports on expenditure and progress.
In conclusion, the publication of Liberia’s national budget for the fiscal year 2024 marks a significant step towards enhancing transparency in government financial activities. While the delay in its release has sparked public concern, the government’s compliance with the amended PFM Law is a positive move towards fostering trust and accountability. Moving forward, it is essential for the government to maintain this momentum and ensure that financial information is readily accessible to all citizens, promoting an open and transparent governance system.
