ROLE OF THE MINISTRY | Ministry of Finance - Somalia
Source: http://www.mof.gov.so/the-ministry/role-of-the-ministry
Archived: 2026-04-23 17:21
ROLE OF THE MINISTRY | Ministry of Finance - Somalia
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ROLE OF THE MINISTRY
The Ministry of Finance is the central authority of the Federal Government of Somalia charged with the responsibilities devising and administering economic and financial policy of the country. Moreover, the key role of the Ministry lies with the more rationale allocation of resources; better management of public expenditure; enhanced mobilization of both internal and external resources; greater performance in public investments and strengthening of public enterprises productive capacity; open and simple foreign exchange policies and regulation, and prudent fiscal and monetary policies.
Mandate
The Ministry of Finance, in pursuit of its mission, has a wide mandate with responsibility for:
Economic planning
Budgeting
Debt management
Economic policy formation
Resource mobilization
Cash management
Tax administration
As an integral part of its mandate, the major responsibility of the Ministry is as follows:
Mobilize resources for economic revival and subsequently for economic development;
Improve accountability for the use of inadequate resources;
Gain credibility by implementing PFM system
Ensure strict adherence to budgetary processes;
Facilitate and support citizen economic empowerment schemes and initiatives;
Facilitate the contributing role of the private sector and non-governmental organization to the strategy of creating greater prosperity and embracing this in the development process;
Facilitate involvement of the Somali Government in regional and global economic issues.
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In this Section
ABOUT
Role of the Ministry
Organizational Chart
Leadership
PARTNERSHIPS
Enhanced HIPC Initiative
Financial Governance Committee (FGC)
Use of Country Systems
Open Budget Initiative (OBI)
PFM Reforms
Public Expenditure and Financial Accountability (PEFA)
PROGRAMS
Somalia Enhancing Public Resource Management Project
DRM/PFM Capacity Strengthening (WB)
Extended Credit (ECF) and Fund Facility (EFF)
Recurrent Cost And Reform Financing Project (RCRF)
SCALED-UP
Somalia Crisis Recovery Project
CAREERS
Careers
RELATED DOCUMENTS
The Ministry of Finance's Mission and Vision
Vision
A reformed, effective and efficient Ministry of Finance with demonstrable capacity to manage public financial resources.
Mission
To effectively plan, generate, allocate and account for resources through the implementation of fiscal and economic policies and the
facilitation of social and environmental policies in co-operation with other agencies thereby providing and enabling sustainable
growth and development
Skip to main content
ROLE OF THE MINISTRY
The Ministry of Finance is the central authority of the Federal Government of Somalia charged with the responsibilities devising and administering economic and financial policy of the country. Moreover, the key role of the Ministry lies with the more rationale allocation of resources; better management of public expenditure; enhanced mobilization of both internal and external resources; greater performance in public investments and strengthening of public enterprises productive capacity; open and simple foreign exchange policies and regulation, and prudent fiscal and monetary policies.
Mandate
The Ministry of Finance, in pursuit of its mission, has a wide mandate with responsibility for:
Economic planning
Budgeting
Debt management
Economic policy formation
Resource mobilization
Cash management
Tax administration
As an integral part of its mandate, the major responsibility of the Ministry is as follows:
Mobilize resources for economic revival and subsequently for economic development;
Improve accountability for the use of inadequate resources;
Gain credibility by implementing PFM system
Ensure strict adherence to budgetary processes;
Facilitate and support citizen economic empowerment schemes and initiatives;
Facilitate the contributing role of the private sector and non-governmental organization to the strategy of creating greater prosperity and embracing this in the development process;
Facilitate involvement of the Somali Government in regional and global economic issues.
SHARE THIS:
Google Plus
Email to a Friend
In this Section
ABOUT
Role of the Ministry
Organizational Chart
Leadership
PARTNERSHIPS
Enhanced HIPC Initiative
Financial Governance Committee (FGC)
Use of Country Systems
Open Budget Initiative (OBI)
PFM Reforms
Public Expenditure and Financial Accountability (PEFA)
PROGRAMS
Somalia Enhancing Public Resource Management Project
DRM/PFM Capacity Strengthening (WB)
Extended Credit (ECF) and Fund Facility (EFF)
Recurrent Cost And Reform Financing Project (RCRF)
SCALED-UP
Somalia Crisis Recovery Project
CAREERS
Careers
RELATED DOCUMENTS
The Ministry of Finance's Mission and Vision
Vision
A reformed, effective and efficient Ministry of Finance with demonstrable capacity to manage public financial resources.
Mission
To effectively plan, generate, allocate and account for resources through the implementation of fiscal and economic policies and the
facilitation of social and environmental policies in co-operation with other agencies thereby providing and enabling sustainable
growth and development