Somali Cabinet exceeds budget of $ 699 million

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MOGADISHU ( AXADLE) – On Sunday, the Somali Cabinet approved $ 699 million for the 2022 annual budget, just $ 28 million more than last year thanks to economic and fiscal reforms.

During a meeting chaired by Prime Minister Mohamed Hussein Roble, the government voted unanimously in favor of the proposed budget prepared by the country’s finance ministry.

Roble welcomed the approval of the budget and said that the increase is a result of wage increases and economic reforms implemented by the Ministry of Finance.

“I’m glad the government approved the 2019 national budget today. Our budget has now risen to $ 699 million,” Roble said.

“These advances are the result of our economic and fiscal reforms and our focus on rising domestic revenues. Our reform will be supported by our commitment to good governance,” he added in a statement.

Total revenue (domestic and foreign) was $ 648 million, with donor revenue accounting for $ 388 million.

The approved budget must pass through the bicameral parliament.

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