Capitol Hill, Monrovia – Following months of delay, the House of Representatives has approved the national budget for fiscal year 2020/2021 in the tune of US$570.1 million at an exchange rate of L$199 to US$1. The House’s version was increased by US$34.6 million as compared to the draft budget as submitted by President George Weah in the amount of US$535.4 million in July of this year. Meanwhile, the House also endorsed several fiscal measures outlined by the Joint Committee in its report. The committee, among other things, called for budgetary appropriation for the Liberia Revenue Authority to be paid immediately upon collection of revenue by the budgetary ratio 5% of revenue collection until its budgetary ceiling is realized in accordance with the Act creating the Liberia Revenue Authority. The budget has now been forwarded to the Senate for concurrence, and when approved, will be sent to the President for signature.

Source: Front Page Africa October 09, 2020 05:48 UTC