Sunday October 29, 2023
Mogadishu (HOL) - Somali cabinet ministers have approved over one billion budget for the 2024 fiscal year following an extraordinary meeting in Mogadishu on Saturday night.
The national budget, totalling $1,025,687,991 (One billion and twenty-five million dollars), will be raised through domestic revenue and international grants. The Council stated that domestic revenue has grown over 20%, specifically focusing on enhancing national security and social service development.
Prime Minister Hamsa Abdi Barre, who chaired the meeting, emphasized that the budget aligns with the country's needs and circumstances. He expressed optimism that, as the country's debt is expected to be forgiven by the end of the year, the budget will further increase, enabling the government to enhance its services to the Somali community.
Last year, the parliament passed a budget of $973,985,805, which included increased allocations for public welfare facilities, such as government healthcare services, education, and security agencies throughout the country.