Somali Finance ministry on Thursday held public discussions on Public Financial Management Law (PFM).
The Somali government has been carrying out financial reforms and initiatives to revive levies following two decades dysfunctional institutions.
Somali minister for Finance, Abdirahman Beileh said the session was crucial as it educated the public about PFM. Beileh pointed out that colloquium is important for good governance and increases public trust.
“This morning I opened the important public hearing & discussions on the Public Financial Management Law (PFM).
PFM is central to good fiscal governance, national economic cohesion & strengthening public trust in our financial systems and processes, Partnership & transparency,” Beileh said in a Twitter post.
There is an unprecedented and pressing need for a major legislative public financial management reform in Somalia to bolster the technical and professional efforts of implementing a modern system of public financial management across the country.
In the first quarter of this year, the Somali government reported collecting $42.5 million in domestic revenue, the highest in a single quarter in recent history.I
n February this year, the government introduced a new 5 percent sales tax on businesses to further boost income.
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