Mogadishu – The Parliament of the Federal Republic of Somalia has given its overwhelming approval to the government’s budget for the year 2024. A total of 186 members from the People’s Assembly and the Upper House participated in the voting session for the fiscal year plan, which was presented by the Ministry of Finance to the bicameral legislature. Only three members opposed the financial plan.
According to Somali National News Agency, During the parliamentary session, MP Mohamed Farah Nuh, the chairman of the Finance and Budget Committee of the House of Representatives, outlined the components of the national budget for 2024. He explained that the budget consists of a fixed budget of 569,666,048 dollars and a capital budget of 509,655,736 dollars, amounting to a total of 1,079,315,784 dollars. This figure represents a significant increase of 62 million dollars compared to the 2023 national budget.
Following the budget’s approval, the Minister of Finance, Mr. Bihi Iman Egeh, expressed his gratitude to the Parliament. He highlighted the budget’s crucial role in supporting Somalia’s ongoing Debt Forgiveness Process, which is nearing completion. “This is a historic moment for Somalia, as we are on the verge of being the first country to continue receiving crucial aid even after completing the debt forgiveness process,” Egeh stated.
The approved budget is expected to play a key role in enhancing Somalia’s financial stability and is seen as a vital step in the nation’s efforts to secure debt relief. This development marks a pivotal moment for Somalia as it works towards self-sufficiency and effective governance.