President Joseph Boakai and cabinet have concluded on a recast budget for the current fiscal period, cutting spending by 2.3 %, months after tax authorities said revenue was performing than expected.
With barely four months for the government accounting year to elapse at December 31, the Ministry of Finance and Development Planning revised the budget downward from the $738.8 million agreed between the President and lawmakers in April to $721.5 million this August.
This represents $17.3 million reduction that would adversely impact public spending on targeted infrastructure projects and goods and services.
Acting Finance Minister Anthony Myers told House Speaker Fonati Koffa Friday the recast budget is informed by the budget’s performance over the first six months of the year, addressing revenue outcomes and prioritizing critical expenditures for the country.
“We thought we needed to first rebalance the budget in order to avoid budget shortfalls and secondly to protect critical expenditure lines that are key national priorities,” Myers said when he summited the budget to lawmakers for appropriation.
Speaker Koffa implored the Minister to provide additional documentation, including outturns, off-budget expenditures to facilitate a thorough review and ensure the completion of the process.
The Speaker also announced the establishment of a committee to investigate allegations of budget tampering. The committee will be chaired by Representative Robert Wogbeh, with ranking House member Emmanuel Dahn as the co-chair.
