MOGADISHU – Somali cabinet ministers approved a more than 1 billion budget for the financial year 2024 during a meeting chaired by PM Hamza Abdi in Mogadishu on Saturday.
The domestic revenue increased by 20% this year, thanks to the enormous financial reforms by the Ministry of Finance, which helped the country achieve its debt relief goals.
Minister of Finance, Bihi Iman Ige, thanked the council for approving the $1,025,687,991 budget, which will now be submitted to the parliament for approval in a joint session.
The Somali Budget has almost doubled to $ 918.7 million in 2022 namely due to a surge in donor spending, particularly in project support, accounting for two-thirds of the budget.
Projections by the IMF suggest increased growth in 2022 to 1.9% and to 3.9% in 2025.
Focusing on exports is a key driver for economic growth, and it’s imperative to continue to foster this growth to ensure long-term economic stability, according to economists.
For the past 30 years, Somalia’s economy has shown resilience and recovery from the multiple shocks from the COVID-19 pandemic, floods, drought, locust invasions, and insecurity.
