Somali Finance Minister Unveils Key Economic Bills to Boost Growth
GOOBJOOG NEWS | MOGADISHU: Federal Government of Somalia’s Finance Minister Bihi Imaan Ige has presented three critical bills to the Federal Parliament comprising the Income Tax Bill, the Insurance Bill, and the Financial Institutions Bill.
While presenting the proposed legislations expected to play a pivotal role in strengthening the country’s financial sector and fostering economic growth, Minister Bihi emphasized the significance of these bills in advancing Somalia’s economic recovery and development.
He highlighted that the proposed laws are designed to establish a more robust and transparent financial framework, enhancing revenue collection, promoting investment, and ensuring the stability of financial institutions.
“These bills are essential for the economic development of our nation. They will provide the legal foundation needed to modernize our financial systems, attract investment, and ensure sustainable growth,” Minister Bihi stated.
The proposed bills aims to create a fair and efficient tax system that broadens the government’s revenue base, enabling it to fund critical public services and infrastructure projects.
It will also establish a legal framework to regulate the insurance industry, protecting consumers and encouraging sectoral growth, and at the same time strengthens oversight of banks and financial entities to ensure stability and compliance with international standards.
Minister Bihi assured Parliament that the Ministry of Finance is prepared to address any concerns regarding the proposed legislation. He also revealed that additional bills are being developed and will be submitted to Parliament once finalized.
“The Ministry is ready to provide detailed explanations and answer any questions from the House regarding these bills. We are also working on other important legislation that will be presented to Parliament in the near future,” he added.
The presentation of these bills marks a significant step in Somalia’s ongoing efforts to rebuild its economy and strengthen its financial systems. If passed, these laws are expected to enhance governance, improve public trust in financial institutions, and create an enabling environment for both local and foreign investment.
Members of Parliament welcomed the bills and expressed their commitment to a thorough review. The legislative process will involve extensive discussions and consultations to ensure the laws align with Somalia’s economic goals and address the needs of its citizens.