The Plenary of the senate has ratified additional financing agreement amounting to US$23million for the Southeastern Corridor Road Asset Management Project.
The Agreement is between the country and the International Development Association.
Plenary’s decision was based on a report from a Joint Committee on Ways, Means, Finance and Budget, and Public Works Rural Development, requesting Plenary to endorse its report, and send same to the House of Representatives for concurrence.
According to the instrument, the Project Financial Management Unit (PFMU) shall be responsible for carrying out the day-to-day financial management under the project, including, but not limited to maintenance of accounting records, and preparation of financial statements, as well as the interim unaudited financial reports.
As for the work plan and budget, no later than October 30 in each calendar year, the recipient shall prepare, and furnish to the association a draft annual work plan, and budget for the subsequent calendar year of project implementation, of such scope, and detail as the association shall have reasonably requested.
The instrument further acknowledged the environmental, and social safeguards such as the recipient shall ensure that the Project is carried out with due regard to appropriate health, safety, social, and environmental standards and practices in accordance with the safeguard’s instruments.
Senate To Scrutinize Draft Budget
In a related development, the Plenary of the senate has mandated its committee on Ways, Means, Finance and Budget, to separately proceed with the scrutiny of the draft 2026 national budget.
The Plenary decision was necessitated by a communication from President Joseph Nyuma Boakai, officially submitted the Draft National Budget for Fiscal Year 2026 to the Senate amounting to US$1.2 billion.
The Draft Budget was formally presented to the Plenary of the Senate during its 49th Day Sitting of the 2nd Session of the 55th Legislature, held on Tuesday, November 11, 2025.
Upon receipt, the Senate promptly referred the document to its Committee on Ways, Means, Finance and Budget for a detailed review, analysis and subsequent report to Plenary.
The submission marks a major step in government’s fiscal, and economic planning process, setting the stage for national debate and legislative scrutiny of the country financial roadmap for the next fiscal year.
Within the draft budget, domestic revenue carries 94 percent of the total draft budget, which sums to US$1.13 billion, while extra resources carry 6 percent or US$72 million of the total budget submitted.
Signature bonus, US$200 million from the ArcelorMittal Liberia (AML) sign-on bonus.
Under the Public Sector investment plan, approximately US$280 million is allocated to the PSIP for infrastructure, human capital, and development priorities.
The spending priorities highlighted in the 2026 Draft Budget are, Education sector, US$132.9 million, Infrastructure, Roads, Energy, and basic services US$133 million and Debt Service projected at about US$23O million in the Fiscal Year 2026 Draft Budget.
The President noted in the communication that the 2026 Draft Budget reflects government’s continued commitment to economic recovery, inclusive growth, job creation and poverty reduction, with emphasis on key priority sectors including agriculture, education, healthcare, infrastructure, energy and governance.
The Committee on Ways, Means, Finance, and Budget has been mandated to engage relevant line ministries and agencies during the scrutiny process to ensure that allocations reflect national priorities and fiscal discipline.