The 122nd Session of the Council of Ministers of the Republic of Somaliland Approved the 2024 Annual Budget.
The 122nd session of Somaliland’s cabinet chaired by the President of the Republic of Somaliland, His Excellency Musa Bihi Abdi, endorsed the annual budget for 2024, which was mainly based on bolstering the defense and geared towards electioneering processes of the country.
The 2024 annual budget presented by the Ministry of Financial Development of Somaliland, totals 3,432,316,337,448 (Three Trillion, Four Hundred and Thirty Two Billion, Three Hundred and Sixteen Million, Three Hundred and Thirty Seven Thousand, Four Hundred) and forty-eight) Somaliland shillings;
It consists of;
- General government budget
- Central Government budget
- Local government budgets
- Independent Institutions
- World Bank projects
According to press circular from the Presidency, the Minister of Finance Development, Dr. Saad Ali Shire presented the budget estimates duly fulfilling the duties of the ministry as per National Constitution Article 55 Paragraph 1 and the Financial Management Act No. 75/2016 article 5, explained the areas and the national budget for the year 2024 to focus on and the areas where the revenue is expected to be collected.
After deliberations the President put it to vote and it was subsequently approved, being the 33rd budget of the nation.
It will be forwarded to the Somaliland House of Representatives.
The 2024 budget is guided and centered on the following points:
- Strengthening the country’s immune system,
- The cost of elections
- Balancing income and expenses,
- Inflation control,
- Promotion of judicial service,
- Product promotion,
Finally, the Law on Real Estate Mortgages for Banks, Act No.XX/2023 was distributed the Council of Ministers of the Republic of Somaliland for their perusal.