Liberia experienced a historic moment in November 2023 with a peaceful transition of power. Former President George Weah conceded defeat to former Vice President Joseph Nyumah Boakai, marking the second peaceful transition since 1994 and showcasing the country’s democratic resilience.

President Boakai’s administration presented a revised post-election draft budget of $692.41 million to the 55th National Legislature on March 14, 2024. This budget anticipated minimal revenue from external sources at $42.4 million (5.1%). Economic forecasts suggested a positive outlook, with a projected 5.3% GDP growth and a decrease in the inflation rate from 10% to 8%. The administration projected a strong economy in the coming years, with higher GDP, exports, and government revenue. After comprehensive deliberation, the Legislature adjusted the budget upward, passing a law approving a $738.86 million budget for Fiscal Year 2024.