The Ministry of Finance is the central authority of the Federal Government of Somalia charged with the responsibilities devising and administering economic and financial policy of the country. Moreover, the key role of the Ministry lies with the more rationale allocation of resources; better management of public expenditure; enhanced mobilization of both internal and external resources; greater performance in public investments and strengthening of public enterprises productive capacity; open and simple foreign exchange policies and regulation, and prudent fiscal and monetary policies.
Mandate
The Ministry of Finance, in pursuit of its mission, has a wide mandate with responsibility for:
- Economic planning
- Budgeting
- Debt management
- Economic policy formation
- Resource mobilization
- Cash management
- Tax administration
As an integral part of its mandate, the major responsibility of the Ministry is as follows:
- Mobilize resources for economic revival and subsequently for economic development;
- Improve accountability for the use of inadequate resources;
- Gain credibility by implementing PFM system
- Ensure strict adherence to budgetary processes;
- Facilitate and support citizen economic empowerment schemes and initiatives;
- Facilitate the contributing role of the private sector and non-governmental organization to the strategy of creating greater prosperity and embracing this in the development process;
- Facilitate involvement of the Somali Government in regional and global economic issues.