by Joshua P. Weahgar
- Budget Overview: The total revenue for the FY2025 budget is projected at US$851.8 million, with a significant portion coming from domestic revenue.
- Economic Growth: The Liberian economy is projected to grow by 5.8% in 2025, driven by sectors like mining, manufacturing, agriculture, and services.
- Infrastructure Investment: A substantial allocation of US$52.9 million is dedicated to infrastructure, including road rehabilitation and construction of bailey bridges.
- External Resources: The budget includes US$60 million from external sources like the World Bank and the European Union.
Benefits for the People
- Economic Growth: The projected economic growth can lead to job creation and improved living standards.
- Infrastructure Development: Investments in infrastructure can enhance connectivity, reduce transportation costs, and stimulate economic activities.
- Increased Revenue: Improved domestic revenue performance can provide more funds for public services and development projects.
Comparison to Other Successful Finance Ministers
- Ngozi Okonjo-Iweala (Nigeria): Implemented economic reforms that stabilized Nigeria’s economy, reduced debt, and increased foreign reserves.
- Pravin Gordhan (South Africa): Focused on fiscal discipline, reducing public debt, and improving tax collection.
- Paul Martin (Canada): Introduced measures to eliminate the budget deficit, leading to economic growth and job creation.
Conclusion
The Finance Minister’s strategies, focusing on economic growth, infrastructure development, and improved revenue collection, offer promising benefits for Liberia. By learning from successful finance ministers in other countries, Liberia can implement effective policies to drive sustainable development and improve the well-being of its citizens.