President Mohamed Abdullahi Farmaajo of the Federal Government of Somalia (FGS) has approved the 2021 budget.
Farmaajo approved the budget slightly over a month before his term as the President of Somalia expires.
FGS set the budget for the 2021 financial year at $670 million.
This year’s budget is larger than last year’s by close to $194 million.
External creditors funded most of the 2020 budget.
Some of Somalia’s traditional friends and most loyal international partners played a crucial role in funding last year’s budget.
The government has witnessed a significant reduction in its budget as reports indicate that it collects less revenue than Al-Shabaab.