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Somali cabinet approves $699m budget

MOGADISHU (SD) – Somalia’s annual budget has increased by 28 million USD from $677 million USD of last year thanks to¬†economic and fiscal reforms.

On Sunday, the country’s cabinet has approved next year’s budget of $699 million USD during a meeting chaired by prime minister Mohamed Hussein Roble.

Roble said the increase is as a result of salary increments and economic reforms carried by the finance ministry.

“I am pleased that the cabinet has approved the 2019 national budget today. Our budget has now risen to 699 million dollars,” said Roble.

“This progress is the result of our economic and fiscal reforms and focus on rising domestic revenue. Our reform will be supported by our commitment to good governance,” he added in a statement.

Total revenue (domestic and foreign) stood at $648 million with donor revenue being the bulk at $388 million.

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

Somalia is recovering from two decades old civil war after the collapse of the country’s central government led by the then late Mohamed Siyad Barre.

The government has also been fighting al-Shabaab militants for past decade to liberate towns in central and southern Somalia.

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