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Published On: Mon, Dec 7th, 2015

Somaliland:Minister of Finance submits 2016

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zzHargeisa-The Minister of Finance Ms. Zam Zam Abdi Adam has submitted the new budget proposal of the Ministry of Finance in 2016 to the parliament. This was the highest submitted budget to the parliament in order to approve. This was the highest coffer the minister has sought. In run-up to the budget, the government holds discussions with various development sectors and of course ameliorating country’s production, agriculture and livestock keeping strategies. The government has not however discussed with social sector activists to further improve the lifestyle of the people of Somaliland as prolonged droughts still exist part of the country. Ms Zamzam reiterated the imperative effort which the head of state is leading to exhibit glittering economical reform.

 

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Prior budget presentations were quite different from Zamzam’s new one. For example, in 2015, the annual financial statement was $251 million, but this time there is a non-gradual change which is $291 million. Researchers and Somaliland economic analysts say this is unanimous task for an easy approval. There is an increase of 13% which is worth $50 million in relative to the previous year. In her budget proposal demonstration, Ms. Zamzam stated the need to approve the huge coffer she put forward and exemplified into five sub-heads which are as follows:

The main areas which are emphasized are:

1. Security and Rule of Law

2. Roads and Water

3. Health and social services

4. Youth and Job creation

5. Agriculture and Land Management

6. Local Production Motivation

7. Good Governance and public administration enhancement

8. Elections and International Recognition

9. Investment

10. Economy and Public property

 

THE ACCRUED RATE areas include

· Customs and Excise

· Income Tax

· Fuel Depository

· Communications

· Commercial Licence

· Rent and Sale of public property (Land, Buildings and Scrap metal)

· Local Governments

· Minerals

· Fishing

· Agriculture

· Livestock Quarantine rent

· Road, Licence, and Transport Levy and

· Somaliland Development Fund

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