Mogadishu, Somalia – The Minister of Finance, Bihi Iman Egeh, stated that Somalia’s domestic revenue has increased by 80% over the past three years, attributing the rise to the government’s stronger efforts to enhance internal revenue collection and decrease reliance on foreign aid.
The minister described the growth as a significant change in Somalia’s financial direction, viewing it as a vital step toward economic self-sufficiency and lasting stability.
Egeh noted that the finance ministry has rolled out new regulatory measures to expand revenue bases and update financial management practices reforms he called crucial for maintaining economic momentum.
“We concentrated on growing domestic revenue instead of relying on external funding. We created new regulations, resulting in an 80% rise in domestic revenue over the past three years,” he stated.
Officials indicate that the federal government intends to reduce external borrowing and prevent debt accumulation, considering bolstered domestic revenue key to strengthening the country’s fiscal standing and funding operations with minimal donor dependence.
The ministry anticipates launching further steps to refine tax collection, improve compliance, and broaden revenue sources as part of comprehensive public finance reforms.
