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Somali Cabinet approves $1.3 billion budget for 2025 fiscal year
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    Tuesday October 8, 2024

    Mogadishu (HOL) – Somali Cabinet of Ministers has approved a $1.3 billion budget for the 2025 fiscal year following an emergency meeting chaired by Prime Minister Hamza Abdi Barre on Tuesday.

    The budget represents a 24.4% increase from 2024, driven by higher internal revenue collection.

    According to the Ministry of Finance statement, the 2025 budget has grown by $263 million compared to the $1.08 billion allocated in 2024. "The increase in internal revenue is part of a plan to enhance security, social services, and infrastructure development," the ministry noted.

    The budget will now go to the bicameral parliament for final approval.

    In 2024, the Somali government introduced a 5% sales tax to boost revenue in future budgets. This tax, automatically deducted from business transactions at the point of sale, is expected to further increase government income for the 2026 fiscal year.

     





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