Somali cabinet has approved a draft fiscal budget of 671.8 million U.S. dollars for the financial year ending 2020/2021 which is close 200 million more than the previous fiscal year.
During their weekly meeting ministerial council on Thursday unanimously endorsed the budget.
Mohamed Hussein Roble, Prime Minister of Somalia, who chaired the cabinet meeting, said the budget is included the cost of the upcoming elections.
According to the proposed budget, $260 million (39%) of the budget will come from revenue collection, $170.9 (25%) budgetary support and $240.8 (36%) from funded projects appropriated into the budget.
The endorsed budget will have to pass through the bicameral parliament.
For the last few Somalia’s economic has been growing steadily despite the difficult security situation in the Horn of Africa nation.
