Bicameral Parliament Approves 2024 Budget

GOOBJOOG NEWS|MOGADISHU: Federal Parliament of Somalia’s bicameral on Saturday unanimously approved the Federal Government’s 2024 budget.

186 members from the People’s Assembly and the Upper House attended the voting of the fiscal year plan in which the Ministry of Finance presented to the bicameral session. Three members opposed the financial plan.

Finance and Budget Committee of the House of Representatives chairman MP Mohamed Farah Nuh provided insights into the national budget for 2024 saying that the budget comprises two main components; a fixed budget of 569,666,048 dollars, and a capital budget of 509,655,736 dollars totaling 1,079,315,784 dollars.

This marks a noteworthy increase of 62 million dollars compared to the 2023 national budget.

Finance minister Bihi Iman Egeh, expressed his gratitude to the Parliament during his address following the successful budget approval, underscoring the pivotal role this budget plays in facilitating the ongoing Debt Forgiveness Process in Somalia, a process that is on the verge of completion.

“If we successfully navigate the debt forgiveness process, we will make history as the first country granted permission to continue receiving crucial help and aid. No other country has been granted this privilege. The approved budget is poised to contribute significantly to Somalia’s efforts in securing debt relief, marking a critical milestone for the nation”, Egeh said.

The approved budget is anticipated to support Somalia’s trajectory toward financial stability and contribute to the nation’s historic endeavor to secure debt relief, positioning itself for self-sufficient and effective government.