FGC Press Release – 29th May 2022

Release of 2022 Financial Governance Report 

H.E. Dr. Abdirahman Beileh, Minister of Finance and Chair of the Financial Governance Committee (FGC) has released the FGC’s sixth Financial Governance Report (FGR).

The 2022 report reviews progress on issues that have been discussed by the FGC during the past 10 months covering economic and financial governance issues in Somalia over the period of July 2021 to May 2022. It identifies the financial governance risks that have emerged during the political transition, reflects on lessons learned, and provides a review on the progress made in implementing the priorities identified in the 2021 FGR.

The FGR 2022 identifies the emergence of three main financial governance risks during the political transition including acute budget pressures, reform delays, and poor contracting practices. It discusses the challenges and developments linked to each of these risks and potential measures to mitigate them.

The report also identifies major financial governance priorities for the incoming administration including the continuation of economic and financial reforms, and commitment to due process in procurement and concessions to secure the resumption of budget support funding and achievement of debt relief.
 

Background:

The 2022 Financial Governance Report is available in print in Somali and English languages.