According to the Senate Chair on Ways, Means and Finance and after an assessment of the SOEs by the joint committee giving the MFDP authority to issue T-Bills and Bonds, it was realized that borrowing from commercial banks to generate additional revenue of $9.5M was necessary to help fill the deficit of US$17 million.
His statement aligns with proceedings leading to the passage of the 2024 recast budget.
Like the House of Representatives, the Liberian Senate on Tuesday, September 2025, passed the 2024 Recast Budget, maintaining the total allocation of $738,859,000 as proposed by the Executive Branch of Government.
The passage of the 2024 recast budget is meant to provide for the expenditure of the Government from January 1 to December 31, 2024. This lawful financial instrument was established due to the endorsement of a joint report from the conference committee on Monday, September 23, 2024.
A Senate release quotes the Chairman of the Senate committee on Ways, Means, and Budget, Senator Prince K. Moye, following the passage as saying that the recast envelope will now enable the country to enroll into the External Credit Facility Program, which was a precondition set by the International Monetary Funds (IMF).
The Senate passed the 2024 Recast Budget by maintaining the total allocation of $738,859,000 previously submitted by the Executive.
There were also adjustments made at $6.6 million based on the conference committee review.
The passage also took into account major allocations amounting to US$6,649,788 intended for vital sectors such as Health, Rehabilitation of at-risk youths, Monkeypox, Education, the Liberia Airport Authority, as well as the Liberia Water & Sewer Corporation for water assessments in the Southeast, among others.
