The Ministry of Finance is the central authority of Government of Somalia charged with the responsibilities for maintaining both micro and macro-economic stability in 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.
The Ministry of Finance, in pursuit of its mission, has a wide mandate with responsibility for:
· Economic planning
· 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.