28 November 2013
PRESS RELEASE
The Somali Federal Government is committed to increasing the annual Budget, His Excellency Prime Minister Abdi Farah Shirdon said today after Cabinet unanimously endorsed the Budget for 2014.
The 2014 Budget is more than double that of 2013 rising from $114.3 million in 2013 to $221 million next year. Only 11 months ago the government used to raise just $2.2 million in tax income, the total raised through local taxes has increased to $130m in next year’s Budget. The remaining $91m comes through donor projects on health, education, infrastructure and economic development.
The Budget will now go forward to be approved by Parliament.
The Prime Minister, said: “Cabinet has today endorsed the Budget for 2014, which sees a significant increase in the total budget. All of Somalia will benefit from increased government spending on security, justice, education and health.
“The Government of Somalia is committed to the continuing reform of our financial institutions and tax systems to increase the income of the state. The Ministry of Finance have proposed a number of reforms to land taxes to ensure businesses are contributing their fair share to society and the rebuilding of our country.
“The future prosperity of Somalia is directly linked to peace and stability and we must continue to work to create an environment which is attractive to investors and businesses which will benefit all Somali people.”
ENDS
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