Browsing Tag

budget

Somalia’s Parliament Greenlights $1.3 Billion Budget, with Donors Contributing 66.7%

MOGADISHU, Somalia - Somalia's parliament, armed with two chambers, has given a thumbs-up to a $1.3 billion budget, marking a high point over the years. This financial plan is set to boost various economic sectors, including funding for ongoing infrastructure projects. This approval covers both spending and income as outlined in the Appropriation Act for 2025, ensuring that many governmental departments can pursue their programs seamlessly over the next year. In a unanimous vote, MPs pushed the budget to $1.3 billion, a…

Somali Parliament Grants Approval for $1.36 Billion Budget for the 2025 Fiscal Year

Mogadishu (AX) — The bicameral legislature of Somalia has greenlit a substantial budget of $1.36 billion for the fiscal year 2025, reflecting a robust increase of 24.4% over the previous year. This decision came during a parliamentary session held on Monday in the capital, Mogadishu. In attendance were 143 Members of Parliament and 32 senators. The First Deputy Speaker of the People's Assembly, Saadiya Yasin Haji Samatar, confirmed that an overwhelming majority of 172 lawmakers backed the budget, with only two MPs voting…

£3 Billion Increase Anticipated for UK Armed Forces in Upcoming Budget

According to recent reports, the UK armed forces are poised to receive a substantial £3 billion boost. This financial injection comes as Rachel Reeves gears up to present the Labour government’s inaugural Budget. Diving into the details, the Chancellor plans to delineate an uptick in defence spending for the upcoming year during her address in the House of Commons. A portion of this windfall will be earmarked for a pay increase for soldiers retroactively effective from April, as noted by the Telegraph. Additionally, these…

Hirshabelle State Greenlights $33.6 Million Budget for the 2025 Fiscal Year

Bal'ad (AX) — In a decisive gathering led by President Abdullahi Hussein Guudlawe in Bal'ad, Hirshabelle State's Council of Ministers gave the green light to a budget of $33,558,000 for the fiscal year 2025 on Thursday.During this pivotal session, the Minister of Finance and Economic Development unveiled the 2025 Budget Allocation Act. This plan ventures to bolster the number of civil servants in Hirshabelle's administration."We've secured $33,557,830 for the upcoming year's financial blueprint," proclaimed the Council in…

Somalia Unveils $1.34 Billion Budget for FY2025, Announces First International Loan in Over Three Decades

 The Somali administration has greenlit a federal budget of $1.34 billion for 2025. This represents a hefty 24.4% uptick from last year’s allocation of $1.079 billion. This financial boost stems from an uptick in local earnings and the need to tackle ongoing expenses, with homegrown revenue expected to hit $429.4 million, up 24% from $346.2 million in 2024.Taking a gander at the 2025 budgets of East African Community (EAC) nations:Kenya: $31.9 billion (up by 3.1% from 2024/25) Uganda: $19.61 billion (a whopping 36% increase)…

Somalia’s Cabinet Gives Green Light to $1.3 Billion Budget for 2025

MOGADISHU, Somalia - In a fresh fiscal launch, the Somali government nodded to a $1.3 billion budget for the year 2025. This allocation marks a modest uptick from last year's financial forecast, putting the onus on the Treasury to scrounge up funds by revamping the nation’s economic systems. Lending their spirits to this financial framework, Prime Minister Hamza Abdi Barre’s cabinet gave the green light shortly after the National Consultative Council (NCC) meeting wrapped up. This gathering converged the brains from…

Somali Cabinet Gives Green Light to $1.3 Billion Budget for 2025 Fiscal Year

Mogadishu (AX) – At a special gathering led by Prime Minister Hamza Abdi Barre, Somalia's Cabinet of Ministers gave the green light to a whopping $1.3 billion budget for 2025. This decision was made during an urgent session held on Tuesday. This budget showcases a 24.4% jump from the previous year's allocation, all thanks to a surge in home-grown revenue. The Ministry of Finance spilled the beans, revealing that the budget for 2025 had ballooned by $263 million compared to the $1.08 billion earmarked for 2024. “Ramping up…

EU Allocates $9 Million to Aid Somalia’s Budget

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…

Kenya Nears Agreement on $1.5 Billion Budget Support Loan from UAE – Insider

Kenya’s administration is on the cusp of securing a hefty $1.5 billion loan from the United Arab Emirates at an 8.2% interest rate, aiming to address the financial shortfall plaguing the East African nation, a source in the know told Reuters. "Kenya is broadening its budget support sources," noted the insider, hinting that "the deal is practically in the bag." The finance ministry and central bank of the UAE didn't immediately respond to requests for a statement. Kenya's Finance Minister John Mbadi and top ministry…

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