In a statement at a special press conference at the Ministry of Information Wednesday, Finance and Development Planning Minister Boima Kamara stated that US$12.45 million of the amount allotted had by December 20, 2016 already been disbursed in cash on various projects.
According to Minister Kamara, the amount includes US$4 million for the Mount Coffee Hydro, fuel storage facility for heavy fuel oil (HFO) power station and counterpart funding for the West African Power Pool electricity project which is critical to Liberia’s ongoing economic revitalization.
He added that about US$2.6 million has also been disbursed to the National Elections Commission towards preparatory work for the 2017 Presidential and Legislative Elections.
He said the Ministry of Finance and Development Planning will continue to remain engaged with spending entities in accelerating their spending and procurement plans for the timely execution of these investment projects.
The Finance Minster pointed out that the execution of the fiscal year 2016/2017 budget is guided by the implementation of the fiscal rules aimed at streamlining recurrent expenditure, especially spending on travel.
Kamara noted that the impact of implementing the fiscal rule on travel has resulted into significant saving of about US$2.9 million during the first five months of the 2016/2017 Fiscal Year.
He pointed out that the number of travels has also reduced by 71 trips from 226 during the first five months of the fiscal year.