MOGADISHU, October 27, 2019 – His Excellency the President of the Federal Republic of Somalia, Mr. Mohamed Abdallah Farmago, has signed the draft Financial Revenue Management Act to become part of the State’s endeavors to improve revenue management and operations, as well as promote good governance and financial transparency.
Increasing national revenues and managing them transparently is an essential step for sustainable development in Somalia and towards national economic reform, he said.
President Mohamed Abdullah Farmago thanked the distinguished members of the People’s Assembly and the Senate, the Prime Minister, members of the Parliamentary Council for Finance, the National Economic Council and all Somali experts who participated in the finalization of this valuable project.
The President also paid special tribute to the Budget and Finance Committee of both the People’s Assembly and the Senate, who worked hard to draw up the draft law in a practical manner consistent with the foundations of the Constitution and legal regulations of the country.
“This law is consistent with the modern global revenue system and its provisions are important tools in helping to increase domestic revenues and in determining the rights and responsibilities of taxpayers as well.”
Following the signing of the draft law, President Mohamed Abdallah Farmajou held a special meeting with the leaders of the Ministry of Finance and the directors of the country’s finance department, where he gave a comprehensive presentation on the effects of financial and administrative corruption on the development process. Administrative exploitation
The signing ceremony was attended by Minister of Finance Dr. Abdul Rahman Daali Bailey, Justice Minister Qadi Hassan Hussein Haji, Minister of Commerce and Industry Abdullah Ali Hassan, Ministers of State and Deputy Minister of Finance, Mohammed Hayer Ibrahim and Abdullah Sheikh Ali, and Minister of State for Presidential Affairs Abdul Qader Sheikh. Ali (Baghdadi) and Director of the Office of the President of the Republic, Dr. Nour Derry Hirsi