Mogadishu(Mogadishu24)-The Federal Parliament of Somalia has jointly passed a budget of 917 million for the 2023 financial year, which is lower than last year’s $970 million. The budget debate, which lasted for several days, received the support of 169 MPs, with one MP opposing it and two abstaining from voting.

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 that it has been seeking tirelessly for the past few years.

“Today the two Houses of Parliament approved the revised 2023 government budget. This is important for national operations to continue effectively and to move forward with the last leg of the debt relief process. I thank our honourable lawmakers for their debates and support,” said Bihi Egeh.

The Speaker of the Lower House of Parliament, Adan Mohamed Nor, stressed the importance of timely financial reporting by the Ministry and the Federal Government before the approval date of the new budget.

“Today, both Houses of Parliament approved the budget for the 2023 financial year after thorough analysis and discussions. I urge the Ministry, led by the minister, and the Federal Government to submit the report to the parliament on time instead of rushing at the last minute,” said Speaker Madoobe.

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.