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“Approval Of Somali Government Budget Helped It Get Grants” Says The UN
Africa

“Approval Of Somali Government Budget Helped It Get Grants” Says The UN

The United Nations envoy to Somalia has welcomed the approval of the 2018 government budget which is a good step towards strengthening the economy. United Nations High Commissioner for Somalia also welcomed the move saying it’s an achievement in economic development that will make the country to get grants from international financial institutions. “This is an indication of the distance covered by Somalia over the last few years – it's taking it closer to have the ability to be able to stand on its own feet financially like other members of the international community. When revenue collection steps and key reforms are implemented, Somalia will be able to get grants and investments with flexible conditions from the international financial institutions rather than relying heavily on donors to meet its financial needs”, said the special representative of the United Nations Secretary-General for Somalia, Mr Micheal Keating. “This is a real hope to get a lot of educational schools, hospitals and highly needed infrastructure for the common Somali people as the government will be able to borrow money whose terms of conditions are fairly stipulated in the international markets. This is also a sign of stability, and the previous and current governments are supposed to be praised for their efforts in bringing the mission to this far”, he added. The international monetary fund (IMF) said that Somalia owes $5.2 billion to the international donors. Somalia’s parliament has last week approved a $274 million budget for 2018 which is an important step to address the financial reform requirements of ‘operators monitoring program’ (SPM) of the World Bank fund for East African countries. The monitoring program is intended to promote economic development and to enable countries to form a track record of policy implementation and reform. Somalia has already completed the first monitoring program for 2016-2017.