Mogadishu(Mogadishu24)-The Federal Parliament of Somalia has on Saturday jointly passed a budget of $1.08 billion for the 2024 financial year, surpassing last year’s $970 million.

The members of parliament have approved the 2024 budget with a majority vote, gaining support from 186 MPs, with 3 MPs rejecting it and no abstentions.

The permanent budget is $569,666,048, while the capital budget will be $509,655,736, totalling $1,079,315,784.

Federal Minister of Finance, Bihi Iman Egeh, expressed appreciation to the parliament, emphasizing that this budget will facilitate the country’s operations and advance the debt relief it has been seeking tirelessly for the past few years.

“I would like to thank the members of the parliament from both Houses for fulfilling our duty and approving the revised 2024 budget, which will be implemented by the Ministry of Finance,” said Minister Bihi.

He stated that this approval comes at a time when Somalia is in a financially transitional period and preparing for the post-debt relief era.

“This important occasion comes at a time when the country is heading to a new era of post-debt relief. The completion of the debt forgiveness process has been a very tedious journey, but we have now achieved it. So, this budget is crucial for national operations to continue effectively and to move forward,” he added.

Somalia has witnessed economic growth in recent years, particularly in its maritime economy through active participation in the Blue economy. The Federal government has also been actively engaging in business and trade cooperation with neighbouring countries to strengthen bilateral relations.