Somalia Cabinet Approved USD 968 Million 2023 Budget
Africa Investment

Somalia Cabinet Approved USD 968 Million 2023 Budget

Seventy percent of the Us Dollars 967.7 million Somalia budget approved by the cabinet on Tuesday will be provided by donors.

This is an increase of Us Dollars 50 million from the 2022 budget.

The Somalia cabinet sitting on Tuesday and chaired by Prime Minister Hamza Abdi Barre approved the budget for the 2023 fiscal year.

The $967.7 million national budget will be raised through domestic revenue and international grants, with domestic revenue expected to be $283.3 million in 2023, an increase of $36.3 million from this year.

The budget will now be submitted to the parliament for approval in a joint session of the Lower and Upper Houses.

During the meeting, the cabinet ministers also approved the defence agreements between the governments of Somalia and Uganda and Somalia and Sudan regarding defence cooperation.

The cabinet did not elaborate on the details of the agreements; however, the Ministry of Defence emphasized that the pacts would improve the rebuilding of the Somali National Army.

Due to the protracted length of last year’s elections, Somalia’s 2022 budget was not approved by the cabinet   until late May and was not ratified by parliament   until June 30, 2022.