MOGADISHU [SMN] – On Saturday, the president of Somalia, signed the new Budget for 2023, which was a dramatic increase when compared to the 2022 government spending.
Hassan Sheikh Mohamud praised the Ministry of Finance and the economic experts for setting a budget in line with the national vision, rebuilding the army, and liberating the country.
The new budget which was passed by the parliament last week expresses intended expenditures along with proposals for how to meet them with resources.
The $967.7 million national budget will be raised through domestic revenue and international grants, with domestic revenue expected to be $283.3 million in 2023, an increase of $36.3 million from this year.
As with previous years, the majority of Somalia’s budget (70%) will be provided by donors.
Due to the protracted length of last year’s elections, Somalia’s 2022 budget was not approved by the cabinet until late May and wasn’t ratified by parliament until June 30, 2022.