Accelerating transformation of financial closure system and public finance management reform program

Hargeisa, 23-Nov-2020 (MOFD) The Deputy Minister of Finance Development Mr. Muse Ibrahim Yusuf (Selef) visited today the Office of the Accountant General to expedite the implementation of the remaining parts of 2020plans of the Accountant General regardingtransformation of the financial closure system and other aspects of the financial management.

The Accountant General Md. Ahmed DaudGedi briefed the Deputy Minister on the progress made so far and then the two of them jointly met with each of the heads of the departments of the Accountant General’s Office to get detailed updates on progress and challenges of the program.

The Accountant Generals Office is one of the core offices of the country’s public financial management program and, for the first time, the office will formally close the accounts based on the automated financial data management system, which will make easier the Auditor General’s activities with regard to monitoring and investigations.

The Ministry of Finance of the Republic of Somaliland has in recent years been working to transform the financial management of the country.A special office has been established and rules and regulations have been enacted to implement financial managementreform related activities. The departments and sections of the Ministry of Finance Development havebeen reorganized, the finance and administrative offices of ministries, independent agencies and security forces have been upgraded and the capacity of the relevant staff have been enhancedin order to align with the Public Finance Reform Program. Today, all ministries, agencies and security forces use electronic systems in their financial management activities including budgeting, payment of expenses, financial closure as well as revenue deposits.

Despite having limited resources and getting little support from the international community, Somaliland is committed to abandon the traditional systems of financial closures and ensure the full implementation of public financial management reform that is inline with the best practices in the developed world.

The purpose of this reform process is to promote accountability, transparency, and overall financial management use of public finances in the country.

For more information, contact Public Relations and Information Department of MOFD- [email protected],, Whatsapp: +252-657729999, Tell: +2522-513856.