Somalia launches finance management programme



By Godfrey Olukya   5-4-2013

The Federal Government of Somalia launched a well anticipated Public Financial Management Reform (PFMR) today in a meeting convened by the Minister of Finance and Planning, Mohamud Hassan Suleiman.

A final report on a self-assessment carried out by the Ministry on the current public financial management system was presented to the donor
partners in Mogadishu, to showcase the shortcomings and the government’s strategic plan on addressing the key challenges as well as re instituting credible and transparent financial management system in Somalia.

The meeting underlined the significance of the Public Financial Management Reform to both the Somali Government and International partners as lively and encouraging discussions took place over the three-hour period.

The Finance Minister re-iterated the prioritization of Public Financial Management Reform per the government’s six-pillar policy. ‘We have
repeatedly emphasized the importance of a well managed financial system. PFM reform is a good thing in and of itself, because it will improve our ability to deliver on our other key priorities by making the most efficient and effective use of public funds. Transparency and accountability will also
gain us other benefits, such as progress with our international partners on arrears clearance and International Financial Institutions re engagement’. He said.

The Finance Minister also highlighted quick wins in the areas of revenue generation, availability of the first institutional comprehensive budget
reports and Financial statements for public release in few days.

The PFM self-Assessment report and action plan envisages an impressive line-up of reform activities in all sectors involving public financial
management roles.

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