MOGADISHU (Halbeeg News) – The budgetary support from the World Bank will equally shared between the federal treasury and the regional state finance ministers, a deal inked by federal and regional finance ministers stipulates.
An 11-point agreement was jointly signed by Somali finance minister, Elmi Mohamud Nuur, Puntland, Galmudug, Jubbaland, Southwest, Hirshabelle state finance ministers, Hassan Shire Abdi, Farhan Ali Mohamud, Hussein Hirsi Ahmed Ahmed Mohamed HisseinAli Abdulle Nur respectively in Mogadishu.
According to the deal, the five regional states will make away with 50% of World Bank budgetary support known as Development Policy Financing Operations (DPO2).
The sides also agreed to implement the formula based Resource Sharing as well as the unification of the country’s tax system.
The regional states will these fund to improve socials services, good governance, health and education.
The ministers have agreed to work together to promote the country’s economy, according to the 11 points-agreement.
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