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Finance Minister “We have 49% of Budget Deficit “

Storyline:National News

FargetiThe finance minister Mohamed Adan Fargeti has addressed the parliament on the government’s 2014-2015 budget, acknowledging a great deal of deficit totaling almost half of the budget.

MPs grilled the minister how the government spent $49 million dollars income and why civil servants are going without salary for months.

“The ministry is busy adjusting the financial system of the country, we are seeing significant recovery, we managed to employ the IMF accredited FMIS system which to process all financial transactions electronically, this is for transparency purposes” said the minister.

However Fargeti has acknowledged budget deficit after international has stopped reaching the government, some 49% of the current budget allocation was supposed to be financed by the international partners.

On the other hand the minister spoke about some bills that his ministry is busy drafting, this includes National Procurement Bill, Good Governance and Transparency Bill and Anti Money Laundering Bill.

For the salaries, the minister hoped that a new agreement with World Bank would a lot the government to pay the salaries.

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