Hargeisa 24 June, 2023 (MOFD): In accordance with PFM Act 75/2016, following the budget preparation calendar, the Budget Policy Committee met their first session of discussing the annual government budget preparation of 2024. The meeting was chairing the minister of finance development Dr. Saad Ali Shire and attended the ministers of Planning, interior, Investment, information, Trade, Environment, Education, Deputy minister of finance, Director General of Ministry of Finance, directors of Macroeconomics, Budget, Deputy director of Budget and other staff of Ministry of Finance Development.
The ministry of finance development presented and hand over to the budget policy committee the budget outlook paper. This is the first step of yearly budget preparation process. This paper consists of five main parts. The first part gives a clear and concise overview of the budget process and the role of the Budget Policy Committee. The second, third and fourth sections provide a macroeconomic overview and outlook of the global and domestic economy, respectively; whereas the fifth section provides a framework for the 2024 budget.
Finally there was briefs and discussions of 2024 budget priorities and fiscal policies outlined in the Budget Outlook Paper. This was the first meeting of the Budget Preparation process and other discussion sessions will be held in next weeks. The budget preparation process always continue from May up to October in every year.
