— Focused on FY2025 Economic Planning
President Joseph N. Boakai, Sr., alongside his Cabinet, wrapped up a crucial two-day retreat on October 9-10, 2024, centered around the theme “Navigating Current Economic Realities and Strategic Planning for FY2025.”
The retreat, led by President Boakai, aimed to address Liberia’s current economic challenges while shaping a roadmap for sustainable growth and stability in the upcoming fiscal year.
The discussions at the retreat focused on the nation’s financial positions, budgetary planning, and aligning national development goals. In response to the financial challenges facing the country, the Cabinet emphasized the importance of prudent fiscal management, urging all ministries, agencies, and commissions to prioritize their obligations carefully.
A key focus was placed on the need for strict adherence to laws governing the National Road Fund. Ensuring transparent and efficient collection and usage of these funds was deemed critical to supporting the country’s infrastructure needs.
Additionally, the administration announced the launch of the “ARREST Agenda for Inclusive Development” by the end of November. This agenda will serve as a cornerstone for the government’s national development strategy, with budgetary expenditures aligned to its objectives.
In an effort to bolster revenue generation, the Cabinet highlighted the importance of implementing innovative funding mechanisms. The enforcement of program budgeting was also prioritized, ensuring that ministries align their budgets with clearly defined deliverables.
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A revised Domestic Travel Ordinance was endorsed, aimed at decentralizing government services and making them more accessible to citizens throughout the country.
The Civil Service Agency, in collaboration with the Ministry of Finance and Development Planning, is set to develop new guidelines for the hiring of consultants under the FY2025 budget. This will ensure transparency and fiscal responsibility.
Furthermore, the Cabinet approved a revision to the Foreign Travel Ordinance, which was last updated in 2016, to better regulate official international travel.
The government’s fleet management policy will also undergo a review, with revisions expected in the coming week to enhance accountability. In addition, the Special Presidential Committee on Public Sector Remuneration Reform has been tasked with addressing issues related to board and sitting fees at State-Owned Enterprises, aiming to reduce waste and prevent abuse.
To stimulate private sector growth, the government will introduce new incentives, including updated VAT regulations. The Cabinet also made it clear that any policies with significant national implications must be cleared before implementation by relevant ministries, agencies, and commissions.
The retreat reaffirmed the administration’s commitment to navigating Liberia’s economic challenges through strategic planning and fiscal responsibility, as the government strives to ensure national development and economic stability in the forthcoming fiscal year.
