A $1.03 billion budget has been endorsed by the Somalia Administration for the Fiscal Year 2024 to Finance Development Projects

By Abdul Rahman Bangura-

Photo Credit: Fine Art America

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- Hamza Abdi Barre – Prime Minister of Somalia let out the budget was authorized by the cabinet during an extraordinary meeting carried in the national capital of Mogadishu.

“The government’s budget this year has reached more than 1 billion dollars, which has come from the domestic revenue that has increased by more than 20%, and it focuses on national security and the development of social services,” Abdi said in a statement.

The meeting was chaired by the Prime Minister…spoke out that the budget reflects the necessities and occurrences of the nation, summing up that more allocation will be acknowledged after Somalia obtains debt relief in December and be competent to provide more services to Somali citizens.

Somalia is anticipated to receive full debt relief from the International Monetary Fund (IMF) and other lenders in this December, following a considerable function in reforms to enhance domestic revenue collection and transparency in public finance management.

Laura Jaramillo, who ushered the IMF staff that met with Somalia’s Finance Minister and the Governor of the Central Bank of Somalia in September, declared irrespective of the challenge, Somalia has met almost all the conditions to report for full debt relief.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent