Liberia: Boakai's 1st Draft Budget, a Strong Mix of Savings, Cuts and Growth

Totaling US$692.41 million, the expenditure portion of the draft budget comes with upward adjustments to recurrent expenditure, downward adjustments to key offices of leadership; and some positive appropriations in line with the President's ARREST agenda. These adjustments reflect a strategic reallocation of resources towards priority areas such as education, healthcare, and agriculture whilst also implementing cost-saving measures in administrative and legislative functions.

While the 93%"recurrent costs" may appear alarming, it should be seen from the perspective that the overall expenditure under the Boakai administration is taking a massive US$90.53 million cut from the previous year , while the recurrent costs increase by just US$19.11 million. Noteworthy are the offices of the President, the Vice President, the Ministry of State, the House Speaker, the Deputy Speaker, and the Senator Pro-Tempore -- each expected to take a 50 percent budgetary cut.

Benefiting from these high-profile budgetary cuts are: the Ministry of Education, increasing from US$98 million to US$105 million; the University of Liberia , from US$30 million to US$32 million; the Agriculture Sector, from US$4 million to US$5 million; and the Health Sector, from US$64 million to US$75 million.

The total domestic debt under the draft 2024 fiscal budget accounts for US$69.18 million or 10 percent of the total expenditure, while external liabilities account for US$59.82 million or 8.6 percent of the total expenditure. Domestic creditors classified include the Central Bank of Liberia, commercial banks, and other businesses, while External creditors include bilateral and multilateral institutions.

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