Mogadishu (AX) – Somali cabinet ministers gathered on Saturday night in Mogadishu for an exceptional meeting, where they unanimously approved a budget of over one billion dollars for the 2024 fiscal year.
The national budget, totaling $1,025,687,991, will be sourced from both domestic revenue and international grants. The Council highlighted the remarkable growth of domestic revenue, surpassing 20%, with a specific focus on improving national security and social services.
Leading the meeting, Prime Minister Hamsa Abdi Barre emphasized that the budget was carefully tailored to address the country’s pressing needs and current circumstances. He expressed optimism that as Somalia’s debt is expected to be forgiven by year-end, the budget would further expand. This expansion would enable the government to enhance its services provided to the Somali community.
Last year, the parliament approved a budget of $973,985,805, which included increased funding for public welfare facilities, such as government healthcare services, education, and security agencies across the nation.