Somalia’s President Declares End to Foreign Aid Dependence, Targets Wealthy with New Taxes to Tackle Corruption.

Somalia’s President Hassan Sheikh Mohamud has made a bold declaration that he aims to end the nation’s dependence on foreign aid and tackle corruption through additional taxes targeted towards the wealthy.

Despite being one of the world’s poorest nations, Somalia has made impressive strides in managing public finances, implementing strict measures to ensure accountability and transparency.

Speaking at a mosque on Friday, President Hassan Sheikh Mohamud announced that Somalia would no longer rely on the West for assistance, even as it continues to battle to obtain debt relief once it reaches the completion point.

“We cannot expect the blue-eyed man in England, a long-haired American in Washington, and an Arab in the Gulf to pay our bills,” he said.

The government has unveiled a series of new initiatives aimed at improving public finance management, including the automation of tax collection services. The government hopes to collect $250 million in revenue from these measures, but a recent UN study reveals that Al-Shabaab extortionists collect more money than the government, up to $120 million each year.

To combat this, the government has blacklisted mobile money transfer companies and bank accounts linked to Al-Shabaab, threatening to revoke company licenses for tycoons who pay taxes to the insurgents. This move is aimed at cutting off the group’s financial lifeline and making it more difficult for them to continue their activities.

The government’s efforts to tackle corruption and improve public finance management are crucial for Somalia’s long-term stability and development. By reducing its dependence on foreign aid and increasing its revenue base, Somalia will be better equipped to provide basic services and support economic growth.

Despite the challenges ahead, Somalia’s determination to take control of its own destiny is a positive step forward.

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