Somalia’s federal ministry of finance said on Wednesday it raised 12% more domestic revenue in 2024 due to better administration of public finances, digitalisation and increasing public trust.
The ministry made the annoucement during the launch of its report for last year in Mogadishu.
“(The ministry) worked with businesses and the Somali people to raise 12% more domestic revenue. Domestic revenue grew as a result of effectively revised laws, better administration including digitalisation and increasing public trust,” it said on X (formerly Twitter).
“We have enhanced the Somali Financial Management Information System (SFMIS) and thereby improved the commitment control process,” it added.
“Public financial management is central to managing Somalia’s resources and increasing transparency and accountability.”
The ministry said “macroeconomic stability is the overarching priority of Somalia’s government”.
“This is vital for ensuring the continued post-HIPC (Heavily Indebted Poor Countries initiative) economic development agenda to create opportunities and improve investor confidence,” it added.
The launch of the ministry’s 2024 report at the capital’s Decale Hotel was attended by deputy prime minister Salah Jama alongside the minister of finance Bihi Egeh and other government officials.
Jama said the report “reflects Somalia’s resilience, stronger public finance governance, rising domestic revenues and a collective commitment to transparency and reform”.
The ministry called the launch “a step forward in transparency and fiscal accountability”.
The World Bank said in June that Somalia’s economy grew by 4% in 2024 amid improved performance by the agriculture sector, growth in remittances and declining commodity prices.
However, it warned that growth could slow down this year due to increased aid uncertainty.
