Somalia Records Increase in Domestic Revenue

GOOBJOOG NEWS | MOGADISHU: The Federal Government of Somalia has announced a significant rise in domestic revenue indicating a positive step towards strengthening the country’s finances following recent debt relief measures approved by international financial institutions.

According to finance Minister Bihi Iman Egeh the improvement can be attributed to measures taken by the Federal Government to implement reforms aimed at enhancing financial policy, public financial management, and revenue extraction capacity.

The Minister said the reforms include the introduction of automation and digitalization processes for revenue collection adding that the measures have yielded tangible results, with revenues experiencing a consistent 25 percent increase monthly over the past eight months.

In addition to the boost in domestic revenue, Somalia is also optimistic about its economic growth prospects for the year 2024.

Egeh also announced an expected economic growth rate of 3.7 percent, compared to 2.8 percent recorded last year.