Somalia’s Council of Ministers today adopted new a Public Finance Management Policy (PFMP) to improve the government’s financial sector delivery capability and provide timely, transparent and accurate financial information across the public sector.
Chairing the weekly Cabinet meeting, His Excellency Prime Minister Abdi Farah Shirdon endorsed the reform plan as the guiding principle of public financial management and re-establishing Somali institutions.
“The plan envisages an impressive reform agenda in public finance management. We are committed to ensuring the full implementation of the plan over the next four years”, said the Prime Minster, while addressing the Council on the urgency of undertaking new financial reforms.
In support of service delivery the plan improves transparency and openness of the national budget process. It enhances fiscal discipline through internal and external control. It also, enhances efficiency and effectiveness of public expenditure and puts the focus of public expenditure on government priority areas. Overall it strengthens the financial management and accountability system, which is a priority reform area for the government.
“The new plan ends the long absence of an effective financial management in our country; it is also the beginning of a well planned and transparent financial system. It is an expensive system that will cost $26 million to implement over four years, but it is important that we adopt this plan as the guiding principles of our financial management system,” said Finance Minster Mohamud Hassan Suleiman.
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