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

UPROAR IN DÁIL AS DONEGAL TDs WALK OUT OVER €700 MILLION HAND-OUT TO ‘GAMBLERS’


first_imgSinn Féin and United Left Alliance TDs walked out of the Dail in protest today as the Government handed over €700M to unsecured bondholders at Anglo Irish Bank.Padraig MacLochlainn and Pearse Doherty were among the TDs who walked out after the Government refused a debate on the issue.The Taoiseach told the Dáil he does not know the names of the bondholders who will benefit from today’s payment. He was responding to Sinn Féin’s Gerry Adams, who said there was a need for transparency.Deputy Adams asked the Taoiseach to get on the phone to the chairman of Anglo Irish Bank and tell him to withhold the payment.The Sinn Féin leader said the “golden circle is still in place”, claiming the chairman’s political allegiance as a former leader of Fine Gael who still keeps his TD pension and current salary.Independent Shane Ross asked the Taoiseach why the Government did not instruct Anglo Irish Bank to embark on a buy-back campaign of bonds. Sinn Féin was first to leave the chamber, followed by members of the United Left Alliance, led by Richard Boyd Barrett.“You will not even give the parliament the right to vote on the handover of all the money you have taken out of the health service,” said Mr Barrett.The Taoiseach said the ECB had refused a Government request not to hand over the money.The Taoiseach said he would love to say it was not necessary to pay the money, however when the Minister for Finance tried to negotiate with the ECB on the money it was not possible.“The position of the Government was clear in February when we were elected on a mandate to pursue growth and not default.” He was responding to Fianna Fáil leader Micheál Martin who quoted Government party promises that Anglo would not get ‘another red cent’.He said promises to burn the bondholders had driven down the price leading to a situation where today’s bondholders were getting double the return on their investment.He accused the government of failing to put the issue on the negotiating table.Follow us on www.twitter.com/donegaldaily Follow us on www.facebook.com/donegaldailySell anything on www.donegaldailyclassifieds.comUPROAR IN DÁIL AS DONEGAL TDs WALK OUT OVER €700 MILLION HAND-OUT TO ‘GAMBLERS’ was last modified: November 2nd, 2011 by BrendaShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:Deputy Padraig MacLochlainnDeputy Pearse Dohertydonegaldaily.comlast_img read more