What Is The National Budget

The national budget is the Government's yearly plan on how to collect and spend public money to maintain a stable government, deliver services to its citizens, and develop the country. It is prepared by the executive branch of the Government and shows how much money will be collected, sourced, spent and on which programs and services.

Legal Authority Of The President

Section 11(1) of the 2009 Public Financial Management (PFM) Act states: "The President shall submit the Proposed Budget and accompanying documents to the Legislature no later than two (2) months before the start of the fiscal year."

How the National Budget is Prepared

Every year the executive branch of the government, under the President's instructions, prepares the Draft National Budget. This shows how much money will be collected anf how it will be spent. It also lists all the sources from which the money will be collected and shows which important projects and programs the money will be spent on.

All of this information is put together in the draft budget which is sent to the National Legislature where it is debated and changes made. After all the changes have been made and accepted, this adjusted document becomes the approved National Budget.

It is then passed into law and printed into handbills

Annual Budget Calendar

Liberia's budget calendar runs from July 1 to June 30. Throughout the year, the government undertaks several important activities to prepare, approve, execute and evaluate the budget.

July Begining of Government's financial year
October to January Spending entities produce budget poicy notes which define public expenditure plans in line with Government's overall objectives
January Ministry of Finance and Development Planning publishes the budget framework paper with a summary of the amount of money that is needed and the progeams and services the money will be spent on.
February to March Spending entities present their expenditure needs in line with the amount of money that can be collected for the coming budget year. This is done during budget discussions between the spending entities and the Ministry of Finance and Development Planning.
April 15 Draft National Budget is presented to the President.
April 30 The President sends the Draft National Budget to the Legislature for discussion and approval.
June 30 Government's financial year ends.