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

Reports – Juventus set to beat Fiorentina to Manchester City defender


first_imgJuventus could beat Serie A rivals Fiorentina to the permanent signing of Manchester City defender Micah Richards, according to reports in Italy.The former England defender has spent this season on loan at the Stadio Artemio Franchi after being shipped out by City boss Manuel Pellegrini and it now looks likely the 26-year-old will not return to the Premier League.Serie A champions Juventus have been impressed with Richards since his move to Italy and Massimiliano Allegri could sign the full-back on a pre-arranged deal in January, with his existing City contract expiring next summer.Juve are concerned Stephan Lichtsteiner has still not committed his long-term future to the club after contract talks stalled, which has made the signing of Richards a high priority.However, Juve will face competition from the Viola for his signature, given that Fiorentina have already agreed a fee of £4.7m for the defender to turn his loan deal into a permanent switch at the end of the season. Micah Richards in action for Fiorentina 1last_img read more