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Publication Category:

114

Financial Governance Reports

Publication Type:

Report

Publication Topic/Subject:

OTHER REPORTS

Publication Corporate Author:

Financial Governance Committee

Release Date:

Monday, November 1, 2021

Financial Governance Report 2021

Somalia Enhancing Public Resource Management Project

The development objective of the Enhancing Public Resource Management Project for Somalia is to strengthen accountability, transparency, and institutional capacity in public resource management, across participating entities. The project comprises of five components. The first component, public financial management (PFM) objective is to strengthen budget preparation, execution, and oversight for Federal Government of Somalia (FGS), Federal Member States (FMSs), and Somaliland (SL).

PFM Reforms

The Federal Government of Somalia has pledged its support to increase revenue, strengthen expenditure management, improve the intergovernmental fiscal framework and strengthen relationships with external development partners. To this end, the Ministry of Finance has developed a public financial management (PFM) reform action plan for the period 2021-2024. This plan sets out the critical reforms needed to put in place robust PFM practices. In developing the plan the Ministry of Finance has ensured the involvement of all relevant departments and development partners.

Debt Management Department

Strategic Objective
To support the Federal Government of Somalia by collecting, recording, managing and reconciling of domestic arrears and external debt; and preparations and readiness for re-engagement with the international financial institutions (IFIs) through the processes of IFI arrears clearance, re-accessing IFI financing, and HIPC debt relief. 

dmu

President signs appropriation act into law

Event Date

Friday, December 31, 2021

Event Type

Budget Preparation

Event Presenter

Ministry of Finance

Event Description

Approval of budget by Parliament

Event Date

Saturday, December 25, 2021

Event Type

Budget Preparation

Event Presenter

Ministry of Finance

Event Description

Submission of 2022 draft budget to Parliament

Event Date

Sunday, October 31, 2021

Event Type

Budget Preparation

Event Presenter

Ministry of Finance

Event Description

Presentation of 2022 draft budget to Cabinet

Event Date

Tuesday, October 12, 2021

Event Type

Budget Preparation

Event Presenter

Ministry of Finance

Event Description

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