Home World News Emerging Markets Somalia approves US$1 billion budget for 2024

Somalia approves US$1 billion budget for 2024

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Somalia flag
Somalia flag

The Somali cabinet has approved a 1.03-billion-U.S.-dollar budget for fiscal year 2024 to finance various development projects in the country.

Prime Minister Hamza Abdi Barre said the budget, which was approved by the cabinet during an extraordinary meeting held in the national capital of Mogadishu on Saturday night, will boost security, social services, and debt relief.

“The government’s budget this year has reached more than 1 billion dollars, which has come from the domestic revenue that has increased by more than 20 percent, and it focuses on national security and the development of social services,” Abdi said in a statement released Saturday.

The budget will be introduced before the parliament for consideration.

The prime minister, who chaired the cabinet meeting, said the budget reflects the needs and circumstances of the country, adding that more funding will be realized after the country receives debt relief in December and be able to provide more services to Somali citizens.

Somalia is expected to receive full debt relief from the International Monetary Fund (IMF) and other lenders in December, following significant reforms to improve domestic revenue collection and transparency in public finance management.

Laura Jaramillo, who led the IMF staff that met with Somalia’s finance minister and the governor of the Central Bank of Somalia in September, said despite the challenge, Somalia has met almost all the conditions to qualify for full debt relief.

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