Hargeysa(Mogadishu24)-Somaliland’s Council of Ministers approved the 2024 Annual Budget during their 122nd session on Wednesday, with a key focus on defence and elections of the country. The session was chaired by President Musa Bihi Abdi.

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.

It includes the general government budget, central government budget, local government budgets, independent institutions, and World Bank projects.

Minister of Finance Development, Dr. Saad Ali Shire, stood before the council to present the budget estimate, fulfilling the duties outlined in the National Constitution Article 55, Paragraph 1, and the Financial Management Act No. 75/2016, Article 5.

He explained the key areas the national budget for 2024 will focus on and where revenue is expected to be collected. After a lengthy discussion and analysis by the ministers, President Muse Bihi Abdi voted for the approval the budget estimate for the year.

This budget becomes the 33rd budget since Somaliland claimed self-independence in 1991, and will be forwarded to the Somaliland House of Representatives for their constitutional duties.

The 2024 budget is guided by and centred on the following points:

• Rebuilding the Country’s Defense and Security Institution,
• The cost of elections,
• Balancing income and expenses,
• Inflation control,
• Promotion of judicial service,
• Product promotion.

The Council of Ministers of the Republic of Somaliland was further assigned into groups to read the Law on Real Estate Mortgages for Banks, Act No.XX/2023.