MONROVIA, Nov. 1 (LINA) -The Plenary of the Liberian Senate has granted a request by President George M. Weah seeking the Extension of Submission of the FY2023 Draft National Budget by 22 working days as of October 31, 2022, on or before November 30, 2022.
The Senate decision on Tuesday was based on a communication to the Body from the President Weah.
He said in his communication that reasons thereof causing the delay regarding the state of the preparation of the National Budget, consistent with program under the International Monetary Fund (IMF).
He added that the government had to conclude discussions with the IMF regarding the next monetary and fiscal policy goals which are largely aimed at achieving macroeconomic stability.
President Weah underlined the follow up to recent discussions at the World Bank Annual meeting and the IMF 5th Review mission under the country’s extended credit facility program which, he also noted, that the IMF team is currently in Monrovia to conclude its assessment of Liberia’s macroeconomic developments and performance as well as fiscal policy outcomes and projections for the ensuring fiscal year.
In addition to that, the Chief Executive told the Senate Plenary in his communication that it is important to ensure that the country’s resource envelope is realistic and government’s priorities in the wake of the worsening macroeconomic outlook exacerbated by the lingering impacts of COVID-19, the Russia/Ukraine War and the increasing expenditure demands on the meager resources.
He, at the same time, mentioned the adequate funding of the 2023 General and Presidential Elections, addressing extra budgetary pressures to subsidize the current rice situation in the country, as well as to fund government institutions in order to remain operational without causing disruptions during the elections year as factors for the extension of the submission.