The Somali parliament on Wednesday approved the national budget for the Federal Government of Somalia in the coming year.
The Speaker of the Parliament of the Federal Republic of Somalia, Mr. Sheikh Adan Maxamed Nuur Madoobe chaired the second meeting of his 4th joint meeting of the 11th parliament.
The two houses of parliament, the House of the People and the Senate approved the budget with a majority in favor of the financial bill.
The meeting was chaired by the leaders of the two houses and their deputies witnessed the third reading and approval of the 2023 budget.
Total Budget for this year reached $973,985,805.
This year’s budget has allocated more resources to areas of public interest such as government health centers, education and security agencies in the country.
172 members of the two houses of the Parliament of the Federal Republic of Somalia approved the budget in a vote of hand, one rejected the proposed bill and one remained silent.
The Minister of Finance of the Federal Government of Somalia Ilmi Mohamud Nuur thanked the legislators of the two houses of the Parliament of the Federal Republic of Somalia for the approval of the 2023 budget.
Somalia’s debt relief efforts have been positive. Under that Somalia has been allocated an envelope based on population and needs by the world bank.
Because Somalia is a fragile post-conflict country, it gets additional financing. So, it is about $800 million for the three years. So far, the world bank has approved close to $350 million.
Since the HIPC decision point in March 2020, we have built up a portfolio of close to $2 billion of committed funds.
Somalia Projects economic growth in the coming year and the Somalia Integrated Household Budget Survey, which would be the basis for measuring development and progress in reducing poverty and providing new sustainable development goals indicators including general equality and access to finance and land ownership is operational.
The Somalia National Bureau of Statistics needs continuous support to start estimating GDP from the production approach and harmonized consumer price index.