Somali Cabinet approves nearly 1 billion budget for 2023 fiscal year

GOOBJOOG NEWS|MOGADISHU: The Somali Cabinet on Tuesday approved a nearly 1 billion budget for the year 2023 following a meeting chaired by Prime Minister Hamza Abdi Barre in the capital, Mogadishu.

The $967.7 million national budget will be funded through domestic revenue and external grants, with domestic revenue forecast to climb to $283.3 million in 2023, from the current year’s $247 million.

The budget approved by the cabinet will next be submitted to parliament for approval in both Houses of the Somali Federal Government. 

During the meeting, the Cabinet also approved bilateral defense agreements between Somalia and Uganda, and Somalia and Sudan, according to the office of the Somali Prime Minister.