Budget in line with reforms

THE BUDGET approved by Somalia’s parliament this week is in line with fiscal reforms the government committed to when it entered an International Monetary Fund (IMF) programme in May, an IMF official said. Somalia is now on its second 12-month IMF staff-monitored programme after decades of war and turmoil, and adherence to the IMF’s fiscal framework opens the door for grants and concessional funding from international financial institutions. The $274 million budget approved on Wednesday includes measures expected to boost domestic revenue collection by $20-$25 million (R266.5-333m). –