By Dawan Africa - Reporter
Mogadishu(Mogadishu24)-The Cabinet Ministers of the Federal Republic of Somalia approved the government budget for 2024 fiscal year on Saturday night with a majority vote, totaling $1,025,687,991 (One billion and twenty-five million dollars).
During a crucial meeting, the ministers stressed the importance of timely passage of the bill, particularly as the government aims to strengthen its institutions according to a statement from office of the Prime Minister.
This year's budget exceeds $1 billion, largely derived from domestic revenue, which has increased by over 20%. The budget primarily focuses on national security and the development of social services.
The Prime Minister, Hamze Abdi Barre, who chaired the meeting, mentioned that this budget addresses the country's needs and circumstances. He added that this bill will be the opportunity to enhance the services provided by the government to the Somali community.
The Prime Minister emphasized the vital role played by the country's institutional reforms and strengthened financial systems in its journey toward debt relief, expected to be finalized by December this year.
The ministers also approved the Regulations on Exports, Certification, and Quality Marks, along with the Regulations on Inspection and Quality Assurance of imported products.
This decision follows the recent passage of essential bills by the cabinet, aimed at tackling challenges within Somalia. These bills include the Anti-Piracy and Anti-Kidnapping Bill to combat maritime crimes and the National Meteorological Agency bill to address and manage the threats of climate change.
In their weekly ministerial session on Thursday, the ministers also announced that their salaries for this month will be used to support the frontline forces in the fight against Al-Shabaab as part of the government's intensified operations, which require joint efforts.
