Somalia Financial Governance Report 2023 Featured

This is truly a special edition of the annual Financial Governance Report as we pass the tenth year of the Financial Governance Committee (FGC). Since 2013, the Federal Government of Somalia has been proactively engaged in a transformational journey to improve financial governance and achieve macroeconomic

stability and growth. The year 2023 is also a special year for Somalia as, after a near decade of dedicated economic and fiscal reform implementation guided by the International Monetary Fund (IMF), we finally reached the Completion Point of the Highly Indebted Poor Countries Initiative (HIPC). This success is testament to the strong commitment of the Somali people and government to reforms and it will unlock new opportunities for financing Somalia’s vast developmental needs at this critical time of positive development in the state building process. The 2023 FGC report clearly highlights the decade long successes in steering and achieving reforms and results in domestic revenue mobilization, Public Financial Management and Good Governance. Domestic Revenue Mobilization remains our top priority given the need to finance the costs of administering our government, delivering basic public services to the Somali population and responding to global challenges including the devastating recurrent and cyclical climate shocks. To this end, I am proud that government revenues continue to increase as we seek to further improve tax administration through the utilization of technology and updated modern laws, as well as better enforcement.


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