The parliament has endorsed and passed the Financial Bill of the year 2024 on Saturday. The bill was first dispensed with earlier in March but was not assented to and was returned to the parliament by the Presidency owing to amendments made.
However, after reflection the lower House of the Representatives dealt duly with it on 29th June dispelling fears that its failure would have disrupted appropriations and government administrative services, especially given the fact that this was a crucial elections year.
With attendance of 58 MPs, 35 voted to endorse the bill in its entirety, that had nine members abstaining, and by thus, the nation and the people sighing in relief at last.
Initially the state hand approved it in the council of ministers’ cabinet meeting in its 122nd Session on the 28th of December 2023.
The Finance Bill this year was mainly based on bolstering the defence and geared towards electioneering processes of the country.
The 2024 annual budget presented by the Ministry of Financial Development of Somaliland, totals 3,432,316,337,448 (Three Trillion, Four Hundred and Thirty Two Billion, Three Hundred and Sixteen Million, Three Hundred and Thirty Seven Thousand, Four Hundred) and forty-eight) Somaliland shillings;
In a glance it consists;
General government budget
Central Government budget
Local government budgets
Independent Institutions
World Bank projects
The 2024 budget is guided and centred on the following points:
Strengthening the country’s security system,
The cost of elections
Balancing income and expenses,
Inflation control,
Promotion of judicial service,
Promotion of production.
