The Economic Services Unit (ESU) whose objective is to transform the economy in order to meet the employable needs of the citizens by investing in infrastructure, agriculture, energy and the domestic private sector for economic growth encompasses four sectors namely: Agriculture, Energy & Environment, Commerce & Industry and Infrastructure & Basic Services.
The ESU works with twenty-nine (29) spending entities by ensuring the preparation, formulation, execution and monitoring and evaluation of their Medium-Term Expenditure Framework (MTEF) budgets. The budgets are formulated on a multi-year basis by ensuring that spending entities’ budgets are aligned to the policy priorities of the Government within a resource constraint environment. The policy priorities are enshrined in the overarching National Vision, The Agenda for Transformation (AfT) then and now the Pro-Poor Agenda for Prosperity and Development (PAPD) and can be met through a sustained increase in investment over the medium-term.
The unit performs its functions in the frame of assisting spending entities develop their medium term budgets, exercise due diligence over their budgets, review their expenditure requests and issuance of allotments and participates in the basic funding analysis which dovetail into the indicative ceilings for the spending entities.
The ESU accounts for 14.8 per cent of the National Budget which translates into US$84,613,242 as its original or approved budget.
Presently, the Unit is staffed with the following personnel: a Director, two Assistant Directors, two Senior Budget Officers, three Budget Officers and two Staff Assistants who are currently performing their tasks and responsibilities in the Unit.
Sectors that are within the Economic Services Unit
Agriculture Sector: The goal of the sector is to promote a robust, competitive and modernized agriculture sector (incorporating crops, poultry, livestock and fishery) supportive of sustainable economic growth and development with increased food and nutrition security, employment and youth empowerment. The sector accounts for 1.4 per cent of the National Budget which translates into US$7,851,066 million.
The sector has five (5) spending entities and they are:
a)Ministry of Agriculture
b) Corporative Development Agency
c) Liberia Agriculture Commodity Regulatory Authority
d) Rubber Development Fund Incorporated
e) Central Agriculture Research Institute
Commerce and Industry Sector: The goal of the sector is to create a strong enabling environment for private sector investment through economic competitiveness and diversification increased value addition, and exports that will generate productive employment. The sector accounts for 1.3 per cent of the National Budget which translates into US$7,176,113.
The sector has eight (8) spending entities and they are:
Liberia Intellectual Property Office
Liberia National Lottery
Liberia Industrial Freezone Authority
Ministry of Commerce
Ministry of Labor
National Bureau of Concession
National Insurance Corporation of Liberia
National Investment Commission
Energy and Environment Sector: The goal of the sector is to Increase access to renewable energy services and affordable power for community and economic transformation; integrate community, conservation and commercial aspects of forestry to sustainably contribute to reducing poverty, improving livelihoods and the quality of rural life, and increasing the ecological services provided by forests; improve management of the environment to ensure that it contributes to sustained economic development and growth in all sectors and at all levels. The sector accounts for 2.2 per cent of the National Budget which translates into US$12,337,577.
The sector has seven (7) spending entities and they are:
Environmental Protection Agency
Forestry Development Authority
Forestry Training Institute
Liberia Electricity Corporation
Liberia Water and Sewer Corporation
Ministry of Mines and Energy
Rural Renewable Energy
Infrastructure and Basic Services Sector: The goal of the Infrastructure Sector is to improve accessibility and connectivity of roads and bridges at all times, ensure safe, reliable, affordable, accessible and efficient transport services, expand access to low-income housing units and facilitate universal access and reliable low-cost postal, telecom and ICT services. The sector accounts for 10.0 per cent of the National Budget which translates into US$57,248,486.
The sector has nine spending entities and they are:
Liberia Airport Authority
Liberia Broadcasting system
Liberia Telecommunications Corporation
Ministry of Post and Telecommunication
Ministry of Public Works
Ministry of Transport
National Housing and Saving Bank
National Housing Authority
National Transit Authority