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Minister Bihi: Somali Government’s revenue increased by 30%

MOGADISHU (SD)-The Minister of Finance of the Federal Government of Somalia, Mr. Bihi Iman Egeh, held a press conference today at the Ministry of Finance headquarters, where he briefed on the financial reform agenda of the country and the progress made in economic matters, particularly in revenue collection and domestic income growth.

Minister Bixi Imaan Cige stated that in the past six months, the Ministry of Finance has made significant progress in increasing the government’s revenue, reforming the financial sector, implementing the Comprehensive Financial Management System, and leveraging advanced technology in tax collection.

The Minister of Finance of Somalia emphasized that the government’s revenue has increased by at least 30 percent this year. Additionally, he highlighted the advancement made in the tax collection system, indicating that it has significantly contributed to boosting domestic income.

Furthermore, the Minister addressed the issue of Somalia’s Debt Relief Program and the government’s efforts towards achieving success in the program. He stated that significant progress has been made in strengthening domestic revenue generation, which is a remarkable achievement for the country’s economic development.

Minister Bihi Iman Egeh also underscored the strong support and confidence of international financial institutions in Somalia’s economic reform agenda, indicating that Somalia will benefit from the Debt Relief Program following the country’s eligibility for the Heavily Indebted Poor Countries (HIPC) Initiative, which is jointly managed by the Federal Government and the International Monetary Fund (IMF).

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