Finance Minister Beyle tables Public Finance Management bill in Parliament

Finance Minister Abdirahman Beyle today tabled the Public Finance Management Bill in Parliament marking a major milestone in management of public finance in Somalia.

The Bill which was approved by the cabinet in August seeks to streamline management of public finance, entrench fiscal discipline and seal loopholes for pilferage and embezzlement of funds.

“Mr. Speaker, this bill will provide guidance on how public finance is managed in our country. It will strengthen the existing finance laws specifically number 2 enacted December 9, 1961 and 317 of December 1962,” said Beyle.

The bill, the minister said also stipulates the powers and roles of those who work in managing public finance such as parliament and different government departments.

The Public Finance Management Bill is part of milestones set by the International Monetary Fund (IMF) under the Staff Monitored Programme (SMP) aimed at laying the foundation for achieving debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative. The HIPC sets out steps through which countries seeking debt forgiveness must follow before their debts can be cancelled.

The lender said July it had approved a new SMP covering the period May 2017–April 2018. Parliament is expected to debate the bill in the coming days.