Somalia’s Council of Ministers weekly meeting focused on Debt and 2018, 2019 Budget discussions

Mogadishu(SD)-Prime Minister Ali Hassan agenda, chaired the Cabinet meeting discussed the overall economy, and debt rescheduling, and cleared to return to the 2019 budget and the fiscal 2018 budget calculation.

Finance Minister of Somalia reported on the results of the recent Addis Ababa between the government and the (IMF) after the review part 1 SPM4 and through a plan of debt exemptions, the council were asked to approve the 2019 budget and the 2018 budget audit, after which the council passed a unanimous vote.

The revised 2019 budget and the audited 2018 budget, will be forwarded to the legislature for approval.

The budget for 2019, was 344.2 million, and today the council’s approved 390.1 million, and the total difference between the  two is $ 45.9 million.

Most of the increase in the 2019 budget comes from domestic revenues, with an initial target of $ 189.9 million, while expected to reach $ 221.3 million, with a gap of $ 31.5 million.

External funding for the 2019 Budget was 154.3 million, and is expected to reach $ 168.8 million.

The overall change in spending over the 2019 budget included a $9.5 million increase in salaries and bonuses for military and teachers, 6 million for local air management, an additional 8 million for regional governments and 8 million for the sale of land and buildings intended for embassy, caused the overall change in spending over the 2019 budget.

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