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.

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.