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Monday, November 28, 2022

Somalia approves close to a billion-dollar budget for 2023

The Somali cabinet has approved a $967.7 million national budget for next year. More than 70% of the country’s budget will come from international grants.

Finance minister, Dr Elmi Mohamud Noor stated that the ministerial council chaired by Prime Minister Hamza Abdi Barre unanimously endorsed the budget.

The figure is about a 49 million rise from last year’s $918.7 million budget. This year’s domestic revenue is expected to be $283.3 million in 2023. The amount would be an increase of $36.3 million from this year.

The endorsed budget will have to pass through the bicameral parliament.

Somalia has experienced civil strife for over two decades, following the fall of dictator Mohammed Siad Barre.

The government is fighting the Al-Shabaab group which has been trying to topple the government for more than 15 years.

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