Minister of Finance Dr. Abdirahman Beileh, and Chair of the Financial Governance Committee, has today released the FGC’s second Financial Governance Report. The report sets out the financial governance priorities the FGC believes need to be addressed in the coming year to strengthen state-building efforts going forward as Somalia continues to make progress on establishing a strong reform track record for IFI arrears clearance and HIPC Decision point.
The Financial Governance Committee (FGC) today held its 32nd meeting in the Ministry of Finance offices in Mogadishu.
The Minister of Finance, Dr.Abdirahman Beileh, successfully concluded his visit to Bali Indonesia, for the Annual Meetings of the International Monetary Fund (IMF) and World Bank.
The Minister of Finance, Dr Abdirahman Beileh, successfully concluded his visit to the UK where he delivered lectures at Chatham House, the Royal Institute of International Affairs, and the Blavatnik School of Government at Oxford University. Both lectures were focused on the progress of Somalia’s fiscal and economic reforms under the third IMF Staff Monitored Program.
Today, the Minister of Finance opened the Recurrent Cost and Reform Financing (RCRF 2) Annual Review Mission which is taking place in Mogadishu, Somalia for the first time. In his opening statement, the Minister thanked the World Bank Multi-Partner Fund and the valuable donors, some of whom were represented, for their continued commitment to Somalia.
The Somali Cabinet endorsed the 2019 budget yesterday in a special Cabinet session chaired by the Prime Minister, H.E. Hassan Ali Khaire. The 2019 budget will be $340 million US dollars, a 24% increase in last year’s allocation. The budget includes both grants and domestically generated revenue. The budget will now pass to Parliament for review and consideration.
The Use of Country Systems (UCS) is an increasingly salient issue for both the Somali Government and the international community. UCS refers to a variety ways in which international partners can engage with national counterparts to deliver aid ranging from alignment with national priorities to direct implementation by government. UCS can serve as a means to achieve broader ends, including state building, increased country ownership, and improved value for money; a transition to greater UCS also carries with it risks for donors.
The Deputy Prime Minister H.E. Mahdi Mohammed Gulaid (Khadar), the Minister of Finance, Dr. Abdirahman Duale Beyle, the Swedish Ambassador to Somalia, Andreas von Uexküll and UNOPS Country Director Tim Lardner inaugurated the Ministry of Finance's newest offices in Mogadishu. This new building was financed by the Swedish government and built by Somali contractors with the support and supervision of UNOPS.
The Minister of Finance Dr. Abdirahman Dualeh Beileh signed an $80 million Pre-arrears financing Grant with the World Bank Country Director Bella Bird in Mogadishu on October 31st 2018.
This Grant will continue to finance some of the core functions of government including civil service salaries, intergovernmental fiscal transfers and it will provides additional resources for basic social services investment in education and health.
The Office of the Accountant General (OAG) is responsible for the preparation of accounts and financial reports to provide such information as may be necessary to show the results of the management of the national budget that include a comparison between the estimated and actual revenue and expenditure and any other information prescribed in the Financial and Accounting Procedures of the State of 1961 (as amended in 1971).
