2017/2018 Budget to Be Passed Today at US$562m


first_img(Far left) Chairman of the Joint Ways, Means, Finance & Budget Committee, Rep. Prince MoyeToday, the 53rd Legislature, the House of Representatives and the Liberian Senate, is expected to past their sixth (6th) and final annual national budget – the 2017/2018 – at US$562m.The Budget will be concomitantly approved in their separate and respective Chamber with health and security reportedly taking the lion share, according to the Joint Ways, Means, Finance & Budget Chairman, Rep. Prince Moye.According to the Bong County District # 2 and Unity Party (UP) Representative, health will be taking US$60 million of the total budget.In keeping with the Constitution of Liberia, the Executive branch of government has submitted to the Legislature the fiscal year draft budget 2017/2018 in the tune of US$ 526.6 million,  a 12.3 % reduction from the previous year’s budget which was passed at US$ 600.2 million but reflected a 3.5% decrease on the end of year forecast of US$545.5 million.The budget was presented two weeks behind schedule with a total revenue envelope comprising US$483.7 million in revenue raised from domestic sources (tax and non-tax revenue).In the budget presented to the Legislature, tax revenue of US$393.6 Million is decreased by 8.8 percent from the approved amount for an FY2016/17 budget with non-tax revenue of US$90.2 million with US$37.9 million in grants from external sources and US$4.8 million in contingent revenue from domestic resources.The budget also shows that non-tax revenue of US$90.2 is projected to decrease by 8.2 percent compared to the US$98.3 million that was approved in the FY-2016/2017 budget.According to the Ministry of Finance and Development Planning (MFDP) this is an improvement to the current year-end estimate and is driven by anticipated increase in petroleum storage fees, forestry, mineral mining, cellular mobile networks, as well as expected improvements in state-owned entities (SOEs) like Liberia Petroleum Refining company, National Port Authority and others.The Ministry also told lawmakers during the draft budget presentation Monday that contingent Revenue of US$4.8 million will be sourced from government domestic revenue streams, driven by an increment in international trade and forestry.In the draft budget presented, the expenditure portfolio was constrained to US$526.5 million and consists of two major segments; recurrent investment plan (PSIP) of US$27.5 million of 5.2 percent.The major components of expenditure for FY2017/18 include; US$31 million for liabilities (debt services), US$10 Million for payment of domestic liabilities (debt) principal and interests and US20.2 million for the payment of foreign liabilities, principal, and interest.Also in the draft budget, US$19.8 million was allotted for the conduct of the October 2017 Presidential and legislative elections, US$296 million for compensation of employees, US$81.1 million for goods and services including supplies for education and health.The draft budget also has in it US$3.4 million in subsidies to non-governmental Service delivery entities and US$60.3 million in grants to government service delivery entities.Making a presentation of the Budget Monday, acting Finance Minister Tanneh Brunson said the economy of Liberia, like most in the world, is experiencing some turbulence due in large part to the global economic downturn.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

Mueller helps Bayern battle past Dortmund


first_img0Shares0000Bayern Munich’s striker Thomas Mueller (R) is congratulated by his teammate Colombian James Rodriguez (L) after scoring the second goal during their match against Borussia Dortmund on December 20, 2017 in Munich © AFP/File / Christof STACHEBERLIN, Germany, Dec 20 – Thomas Mueller scored the decisive goal as Bayern Munich fought to a 2-1 victory over rivals Borussia Dortmund to reach the German Cup quarter-finals on Wednesday.Goals from Jerome Boateng and Mueller gave Bayern a comfortable lead before half-time, but Andriy Yarmolenko’s second-half header made it a nervy last 15 minutes for Bayern. “We’ve stumbled into the quarter-finals,” said Bayern defender Boateng. “We played well in the first half, but we should have decided it earlier.”After several gilt-edged chances in the opening minutes, Boateng headed Bayern into the lead on 12 minutes. Niklas Suele guided a James Rodriguez free-kick onto the bar, before Boateng emerged to nod the ball past Roman Buerki.With star striker Pierre-Emerick Aubameyang out injured, it wasn’t until the 35th minute that Dortmund created a significant chance. Stand-in front man Yarmolenko found space in the box, only to see his shot cleared off the line by David Alaba.Minutes later, Bayern doubled their lead in style. Played through by Robert Lewandowski on the right wing, Mueller sent an elegant chip over Buerki and into the far corner.Two brilliant saves from Buerki kept Bayern from running riot just after half-time, but Bayern looked ever more comfortable as the game wore on. When Franck Ribery was substituted off on the hour mark, the win appeared to be secure.Bayern were shocked into life on 76 minutes, though, when Yarmolenko pulled a goal back for Dortmund.Shinji Kagawa whipped in a cross, and home goalkeeper Sven Ulreich couldn’t deny the Ukrainian at the far post.Bayern Munich’s Jerome Boateng celebrates after he scored the first goal during their match against Borussia Dortmund on December 20, 2017 in Munich © dpa/AFP / Tobias HaseDortmund could muster little more than a handful of half-chances as they pushed for the equaliser. Only in injury time did they create a golden opportunity, as Alexander Isak’s shot was deflected just inches past the post.“If we had played the whole game like we did in the last half an hour, we might have taken something away from this game,” said Dortmund defender Marcel Schmelzer.Elsewhere, Leon Bailey netted the winner as Bayer Leverkusen beat Borussia Moenchengladbach 1-0 to book their place in the quarters.Goalless until the 71st minute, the game burst into life when Bailey broke down the left to pick up Kevin Volland’s through ball and fire past Yann Sommer.Werder Bremen also progressed to the last eight by beating Freiburg 3-2.After goals from Ishak Belfodil and Florian Kainz had put Bremen two goals up, Nils Petersen pulled a goal back from the penalty spot.With 20 minutes to play, Philipp Bargfrede swept the ball in for Bremen’s third, the referee overruling the linesman’s offside flag. A late goal from Yoric Ravet proved too little for Freiburg.0Shares0000(Visited 1 times, 1 visits today)last_img read more