Somalia’s Minister of Finance said that the cabinet permitted the government to increase the country’s budget for the next year by 18 percent to $460 million.
According to figures released by the Horn of Africa nation, it will spend $390 million by before the beginning of 2020. The Minister of Finance, Abdirahman Dualeh Beileh, made this announcement while addressing reports in Mogadishu on Monday. He said that in the past, the country’s budget for 2019 peaked at $340 billion. However, Somalia increased its expenditure after collecting more revenue than initially anticipated.
Beileh has promised to take the estimates before lawmakers before the end of the year. The International Monetary Fund projects a 2.9 percent economic growth for Somalia.