MOGADISHU (Halbeeg News) – Somali National Economic Council has today held meeting in Somali Capital Mogadishu.
In a statement, Somali Prime minister Hassan Ali Kheire said the council discussed the progressive reforms being undertaken and the need to connect the transformation to change of narratives and perceptions.
According to the statement, the meeting which is attended by the council of the ministers was chaired by Somali Prime Minister Hassan Ali.
The move comes barely two weeks after Somali cabinet approved $340,060,149 for next year’s budget submitted by the ministry for Finance.
According to Somali Finance minister Abdurahman Duale Bayle, the figure is about 24 per cent rise from last year’s $274.6 million budget.
The minister noted that most of the budget would be financed through local tax collection.
“I pay my gratitude to the Somali people, helping the government’s tax collection in order to achieve self-sufficiency,” said the minister.
The government expects $189.9m (55.8%) from internal sources, while it anticipates $124.6m (44.2%) from the donor community.
Somalia’s economy was forecasted to grow by an average of between 3.5 and 4.5 percent annually in 2019-2022, according to the World Bank.
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