EU Allocates $9 Million to Bolster Somalia’s Budget
The European Union (EU) has committed $9 million to aid Somalia’s federal budget. This cash injection aims to address shortfalls encountered during budget drafting.
According to an EU statement, the funding comes in recognition of Somalia’s strides in economic stabilization and financial reform, leading to improved service delivery.
The EU emphasizes that this contribution is part of the State and Resilience Building Contract (SRBC), which seeks to enhance the Somali government’s revenue collection capacity and support federalism.
Karin Johansson, the EU Ambassador to Somalia, expressed that this financial aid underscores the EU’s dedication to promoting financial integrity and openness in Somalia.
“This allotment highlights our unwavering support for Somalia’s advancements in fiscal management and our commitment to the Joint Operational Roadmap,” Johansson remarked.
During the announcement, Bihi Iman Egeh, Somalia’s Minister of Finance and Economic Planning, extended his gratitude toward the EU for the vital funding that has fostered reforms. He emphasized that Somalia is on its way to recovering from prolonged instability.
“The EU’s budget assistance is vital, enabling the federal government to enact key governance reforms and significantly improve basic social services in Somalia,” Egeh stated.
Over the past six years, the EU has channeled €101.4 million into budget support for Somalia through SRBCs. This aid has been instrumental in helping Somalia achieve the Heavily Indebted Poor Countries (HIPC) Completion Point and fortify essential state functions.
Source: AXADLETM
