Saturday December 9, 2023
Mogadishu (HOL) - Somalia's parliament on Saturday approved over one billion dollars for 2024 fiscal year, as the country is poised to secure complete debt relief from the International Monetary Fund (IMF) and other lenders later this month.
The Speaker of the Upper House, Abdi Hashi Abdullahi, alongside the deputies of the Upper and Lower Houses, co-chaired the joint meeting, focusing on the report for the 2nd and 3rd reading of the 2024 Budget Allocation Act.
The parliamentarians unanimously approved the 2024 Budget Allocation Act, with 186 MPs in favor, 3 MPs against, and no abstentions, as reported by Speaker Abdi Hashi.
The Minister of Finance, MP Bihi Iman Cige, welcomed the passing of the budget and pledged that the government would diligently implement it. However, the parliament did not publish the approved budget, and there was no mention of any changes made to the government's initial budget submission.
On October 28, the Council of Ministers approved $1,025,687,991 for the fiscal year 2024.
The International Monetary Fund (IMF) and other lenders are expected to grant full debt relief to Somalia later this month, marking the end of the country's decade-long struggle to reach this significant milestone.