FTL Somalia

Somalia’s Auditor-General Raises Questions on Funds Finance Ministry Borrowed from CBS

The Office of the Auditor-General has raised questions on funds that the federal Ministry of Finance borrowed from several institutions.

Somalia’s finance ministry borrowed more than $96 million from the Central Bank of Somalia (CBS).

It then followed that up with a loan of $14.6 million from the International Monetary Fund (IMF).

According to the Auditor-General, the finance ministry took both loans in 2021.

Auditor-General Mohamed Ali Afgoi raised these questions on November 22 when he released the Annual Audit Report for 2021.

He added that his office had not seen any evidence of parliament’s approval of both loans.

Consequently, the Auditor-General has called for a special investigation to uncover what happened with the loans.