Somali Magazine – The members of both houses of the Parliament of the Federal Republic of Somalia on Saturday approved the government’s budget for the upcoming year, 2024 overwhelmingly.
186 members from the People’s Assembly and the Upper House attended the voting of the fiscal year plan in which the Ministry of Finance presented to the bicameral session. Three members opposed the financial plan.
During the parliamentary session, MP Mohamed Farah Nuh, the chairman of the Finance and Budget Committee of the House of Representatives, provided insights into the national budget for 2024. He detailed that the budget comprises two main components: A) a fixed budget of 569,666,048 dollars, and B) a capital budget of 509,655,736 dollars, resulting in a total budget of 1,079,315,784 dollars. This marks a noteworthy increase of 62 million dollars compared to the 2023 national budget.
The Minister of Finance, Mr. Bihi Iman Egeh, expressed his gratitude to the Parliament during his address following the successful budget approval. He underscored the pivotal role this budget plays in facilitating the ongoing Debt Forgiveness Process in Somalia, a process that is on the verge of completion.
“If we successfully navigate the debt forgiveness process, we will make history as the first country granted permission to continue receiving crucial help and aid. No other country has been granted this privilege. The approved budget is poised to contribute significantly to Somalia’s efforts in securing debt relief, marking a critical milestone for the nation”, Egeh said.
The approved budget is anticipated to support Somalia’s trajectory toward financial stability and contribute to the nation’s historic endeavor to secure debt relief, positioning itself for self-sufficient and effective government.