The Republic of Somaliland’s cabinet of ministers unanimously approved the 2020 budget forecast the Minister of Finance Development presented to the Council Monday.
The Ministry quite amply justified how and where its forecast of SlShs 2,751,304,880,098 for 2020 would be realized – an 18% increase on the 2019 fiscal year budget. It did not take the council much time to ponder feasibilities as it was so clearly presented by the Minister, Dr Saad Ali Shire, leaving nothing to call for further explanations and/or clarifications.
The top seven areas the 2020 budget will focus on are, respectively, security, the quest for recognition, elections, health, education, water and rule of law.
According to the ministry, a health macroeconomic recovery is expected for the medium term of 2020 to 2022 levelling at a 2% GDP growth. The economy has been somewhat battered by the 2015 drought and the 2017 Saudi-imposed ban on livestock export.
The approved budget represents the 29th of its kind since the yet-to-be-internationally recognized republic came to be in 1991.