Liberia to cut budget spending by 11%

Liberia may cut its current budget by 11 percent due to a reduction in public sector investment which has in effect slowed down growth in the mining sector.

President Ellen Johnson Sirleaf said $622.7 million is expected to have been spent on this year’s budget, however it would be reduced to $552.8 million.

Presenting the state of the union address, President Sirleaf said domestic revenues will drop by $57 million, representing 12 percent, from an initial $473.8 million projected for the June to May fiscal year.

“We will be unable to meet the targeted level of public sector investment that is required to meet our obligation to ongoing infrastructure projects and new priorities that are essential for our economic diversification goals,” she said.

Liberia was one of three worst affected countries during the Ebola outbreak which virtually brought business activities to a halt in the country.