Somali cabinet ministers have unanimously approved a budget of over one billion dollars for the 2024 fiscal year.
The extraordinary meeting, held in Mogadishu on Saturday night, saw the approval of a national budget totaling $1,025,687,991 (One billion and twenty-five million dollars). The funds will be raised through a combination of domestic revenue and international grants.
The Somali Cabinet Council highlighted that domestic revenue has experienced a remarkable growth rate of over 20%, attributing it to strategic measures aimed at enhancing national security and social service development. The government’s commitment to strengthening the country’s security apparatus and improving the overall well-being of its citizens has been a driving force behind this significant increase in revenue.
Prime Minister Hamsa Abdi Barre, who chaired the meeting, expressed his satisfaction with the approved budget.
He emphasized that it aligns with the pressing needs and circumstances of the country. Furthermore, Prime Minister Barre expressed his optimism that Somalia’s debt would be forgiven by the end of the year, which would result in a further increase in the budget. This increase would allow the government to expand and improve its services for the Somali community.
The approved budget for 2024 represents an increase compared to the previous year. In 2023, the parliament passed a budget of $973,985,805, which already included increased allocations for crucial public welfare facilities. These allocations were directed towards improving government healthcare services, education, and security agencies across the country.
The government’s dedication to enhancing the quality of life for its citizens is evident through its continued investment in essential sectors.
It is anticipated that the increased budget for 2024 will have a transformative impact on the lives of Somali citizens, creating opportunities for progress and prosperity.
The allocation of resources will be closely monitored to ensure transparency and accountability, fostering public trust in the government’s financial management.