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

Pagasa Rain expected as LPA enters PAR


first_imgPagasa: Rain expected as LPA enters PAR Senate to probe Tolentino’s ‘novel legal theories’ on oral agreements Pagasa: Rain expected as LPA enters PAR The mayor said the rice shipment was bought by the municipal government and Philippine Phospate Fertilizer Corp. which operates in Isabel town.MORE STORIESnewsinfoCops sent to ensure lotto outlets in Cebu are closednewsinfoNews Briefs: July 26, 2019newsinfoThis Week’s Festivals: July 21 – 27, 2019MORE STORIESnewsinfoCops sent to ensure lotto outlets in Cebu are closednewsinfoNews Briefs: July 26, 2019newsinfoThis Week’s Festivals: July 21 – 27, 2019Ramon Tan, president of  the Association of Barangay Captains (ABC) in Isabel is vice president of the fertilizer firm.Tan said the rice shipment was temporarily unloaded in Cebu since their warehouse in Leyte was roofless.“It was still raining last week and the warehouse was roofless,” he told reporters.Tan said there was no smuggling since PhilPhos Corp. is a fertilizer company and the rice was sourced from Maunlad Rice Mill Corp., a licensed retailer of rice in Bulacan.ADVERTISEMENT Don’t miss out on the latest news and information. SMC bags Bulacan airport project PM Boris Johnson visits Belfast as Brexit woes hurt UK economy “I hope they would release the rice stocks because I’m worried that there won’t be enough rice for the affected families in our town in the coming days,”  Cerillo said in a press conference yesterday.Cerillo denied reports that the   P23.9 million rice shipment was illegal.FEATURED STORIESNEWSINFOSenate to probe Tolentino’s ‘novel legal theories’ on oral agreementsNEWSINFOLocsin wants to drop ‘visas upon arrival’ privilegeNEWSINFOPalace open to make Dengvaxia usable again as dengue cases spikeThe Customs district office in the Port of Cebu ordered the detention of the  shipment after the National Food Authority (NFA) and the Department of Social Welfare and Development (DSWD) said they were not aware of its scheduled delivery in Isabel town.–– ADVERTISEMENT ––A certification issued by the NFA office in  Malolos, Bulacan identified the shipper as Maunlad Rice Mill Corp. which is located in San Juan, Batangas. It  had no information on the consignee. Cerillo said the Isabel municipal government and PhilPhos Inc. were working together to distribute relief goods to typhoon victims in the town.There are 24 barangays in Isabel, Leyte of which 95 percent of the 50,000 population were affected by the supertyphoon, Cerillo said.The mayor said they only received assistance from the national government on the 11th day after the supertyphoon hit.Cerillo said the bulk of the national government’s relief efforts were focused on Tacloban City.Read Next PCSO to focus on improving transparency of gaming activities PLAY LIST 03:26PCSO to focus on improving transparency of gaming activities01:39Sotto open to discuss, listen to pros and cons of divorce bill06:02Senate to probe Tolentino’s ‘novel legal theories’ on oral agreements01:50Palace open to make Dengvaxia usable again as dengue cases spike01:49House seeks probe on ‘massive corruption’ in PCSO01:37PCSO estimates P250M in Lotto revenue loss due to suspensioncenter_img What’s new in town: Eggplant parmigiana deep-dish pizza, tofu ‘kakigori,’ ‘kamias’-date sticky toffee pudding Bogo survivors treated to a night of songs The municipal government of Isabel, Leyte is asking the Bureau of Customs (BOC) to release the 16,000 sacks of rice that were impounded last week on suspicion these were smuggled into the country.Mayor Gregorio Cerillo said the rice shipment which was unloaded from the freighter Queen of Joy was taken to Cebu as the roof of the  warehouse in his town was blown away by supertyphoon Yolanda.ADVERTISEMENT Sen. Pia Cayetano: Judge our clan based on performance LATEST STORIES MOST READ An adobo upgrade: Add rosemary View commentslast_img read more

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