Mogadishu, Somalia – Somalia’s Deputy Prime Minister Salah Ahmed Jama officially launched the 2024 Annual Financial Report, a landmark event that highlights the nation’s significant strides in public finance management, domestic revenue growth, and fiscal transparency.
The ceremony, held in Mogadishu, brought together senior government officials, financial experts, development partners, and representatives from civil society.
The report reflects not only improved economic governance but also the growing institutional capacity of the Federal Government of Somalia (FGS) amid continued recovery from decades of conflict and instability.
Deputy PM Jama, in his keynote address, described the report as “a testament to Somalia’s resilience, discipline, and the collective will to deliver change.” He noted that domestic revenue performance has improved markedly, driven by stronger tax collection systems, digitization of financial operations, and enhanced oversight.
“This report is more than numbers. It is a reflection of the trust we are rebuilding with the Somali people and our development partners. We are laying the foundation for a future of self-reliance, accountability, and sustainable development,” Jama said.
According to the 2024 report, Somalia’s domestic revenue has continued its upward trend, reducing dependency on external budget support.
It also details reforms implemented by the Ministry of Finance and affiliated institutions, including improved budget execution, enhanced financial reporting, and progress on anti-corruption measures.
International partners, including the IMF and World Bank, have lauded Somalia’s reform track record, which has contributed to the country reaching the HIPC Completion Point in 2023 and receiving full debt relief.
The release of the financial report comes at a critical juncture as Somalia accelerates its economic reform agenda, expands public service delivery, and prepares for broader engagement with global financial institutions and investors.
The 2024 Annual Financial Report will serve as a key tool for stakeholders to track progress, hold institutions accountable, and guide future policy decisions.