The Cabinet of Ministers of the Federal Government of Somalia held an urgent meeting and overwhelmly voted for the Government budget for the next year 2025 which amounts to $1,342,476,311 according to close confidant sources to the meeting.
The Cabinet has approved the 2025 national budget in a majority vote during an extraordinary meeting led by the Prime Minister of the federal government of Somalia
The approved budget amounts to $1,342,476,311. The Ministry of Finance presented the budget to the Cabinet, detailing the increase and various sources of revenue.
This years budget represents an increase of 24.4% when it was compared to the 2024 budget indicating a huge increase.
The main reason for the increase in the budget is the internal revenue and significant progress has been made, Ministry of Finance of the Government of the Federal Republic of Somalia added that the plan focuses on enhancing internal revenue to improve security, social services, and infrastructure development.
The International Monetary Fund and the World Bank approved $4.5 billion in debt forgiveness for Somalia last year after the Horn of Africa nation completed years of financial reforms under the Heavily Indebted Poor Countries Initiative.
Somalia has made huge economic progress after debt forgiveness and this indicate the results of joint efforts that have been put in place according to top leaders of the federal government of Somalia.
