Home NewsLiberia Executive Branch submits Draft Nat ‘l Budget

Executive Branch submits Draft Nat ‘l Budget

by T. Wholquoi Yeahgar

MONROVIA, LIBERIA-The Executive Branch of Government has finally submitted the 2020-2021 Draft National Budget to the National Legislature in the tune of five-hundred-thirty-five million United States Dollars.

The Wednesday, July 15, 2020 submission is in line with Article 34 of the Liberian Constitution.

During the presentation Wednesday, July 15, 2020, Finance Minister Samuel Tweah recounted the challenges incurred from the coronavirus pandemic.

Minister Tweah, however, boasted of financial gains in line with the International Monetary Fund (IMF)’s standards.

The Finance Minister expressed the hope that the budget will impact the lives of Liberians amid the pandemic, and promote infrastructural development.

In remarks, the Speaker of the House of Representatives, Dr. Bhofal Chambers, committed the National Legislature to scrutinizing the passage of the budget for the benefit of the Country and its people.

In another development, President George Weah has submitted to the Liberian Senate, for ratification, an Investment Incentive Agreement between the Liberian Government and Fouani Brothers Corporation.

President Weah said:” The Agreement is seeking the construction and operation of cruel palm oil refinery in Liberia.”

According to him, the Agreement is consistent with Section Six of the Economic Empowerment Tax Amendment Act of 2016.

The twenty-million United States Dollars investment will add value to cruel oil palm produce in Liberia.

The Liberian Leader said:” The refinery will produce refined eatable vegetable oil and other processed food products.”

Meanwhile, Plenary requested its relevant committee to review the instrument and submit its report in a period of one week.

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