Somalia’s Financial Integrity Institutions Cry Out for Support
Kampala - The Federal Government of Somalia (FGS) has been accused of neglecting financial integrity institutions, which have been under-resourced and marginalized for several years.
Under-Resourced Institutions
According to a new report by the National Economic Advisers (NEA) of the National Economic Council, the FGS has failed to provide adequate support to these institutions, including:
- Office of the Auditor General
- Budget and Finance Oversight Committee of Parliament
- Central Bank
- National Civil Service Commission
- And others
The report highlights the need for sustained support to empower these institutions to perform their functions effectively. The assessment found that the institutions have been starved of resources and subjected to targeted criticisms and blame for not delivering on their tasks.
Urgent Need for Support
“We urge the government and development partners to grant significant support to these institutions to fulfill their roles,” said a senior official from the NEA. “This process is long-term, and we cannot afford to be distracted by the proliferation of new financial accountability institutions that will only fragment scarce reform capacity.”
Challenges Facing Somalia’s Economy
The report notes that Somalia’s emergence from prolonged civil conflict has been constrained by poor economic governance and inadequate institutional capacity. The country’s economy remains fragile, with corruption and instability hindering its growth.
“We need to address the legacy of poor public financial management in Somalia, which predates the conflict years,” said a senior official from the NEA. “This requires a fundamental improvement in national commitment and a dramatic transformation of leadership culture to manage public resources effectively.”
Key Recommendations
The report highlights the importance of accountability, transparency, and integrity as key pillars of good governance. It recommends that the FGS prioritize the strengthening of financial integrity institutions to ensure effective management of public resources.
The assessment evaluated seven core areas of financial integrity institutions, including:
- Public financial management
- Anti-corruption
- Procurement
- Auditor functions
- Central banking
- Budget and finance oversight committee of parliament
- National civil service commission
Way Forward
“We urge the government to take concrete steps to strengthen these institutions and ensure their effective functioning,” said a senior official from the NEA. “This is crucial for the country’s economic development and stability.”
The report emphasizes that while some progress has been made in building credible financial integrity institutions, more needs to be done to address Somalia’s economic governance challenges.