Budget Strategy Paper
Publication Corporate Author:
Saturday, September 1, 2018
Budget Strategy Paper FY 2018
The Ministry of Finance introduced the Budget Strategy Paper (BSP) in 2016 which national annual budgeting process as an effort to improve transparency in the preparation of the national budget. To this end, the BSP serves as a consultation document to facilitate discussions of the national budget at various budget consultation forums, where by stakeholders includes the FGS, Federal Member of States, private sector, non-governmental organizations and representatives of the Local Authorities. The budget consultation forums provide an opportunity for these key stakeholders to review suggested national priorities, strategies, and budget allocations in year basis.
The BSP also adds to the Summary national budget documentation which is produced as part of the public disclosure to improve fiscal projection and transparency in addition to that BSP, provides a snapshot of key issues of consideration during a given year, the subsequent annual Budget provides more elaborate details of current situations.
The publication of the National Budget Strategy Paper is a part of requirements to comply of public finance management Act 2017 which not yet promulgated PFM act into Somali parliament.
The PFM is a main context of the Government’s Budget Reform agenda, which aims to improve the preparation of budgets, provides full efficient management of public finances and further promotes transparency and accountability. The Budget Strategy Paper offers the public with an overview of the fiscal landscape of the country while the Government’s fiscal policy responses to these prevailing conditions. It also provides the public with an opportunity to device the Government’s record on delivering on its promises.
Read the full document to the link below: