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Somalia’s Financial Integrity Institutions Need Strengthening

In a bid to improve financial governance and transparency in Somalia, the Budget and Finance Committee (BFC) of Parliament has identified several areas that require strengthening.

Public Financial Management and Anticorruption Measures

The BFC report highlights the need for improved public financial management, anticorruption measures, procurement reforms, and enhanced oversight by the Auditor General. The committee’s assessment also emphasizes the importance of a strong National Civil Service to ensure effective delivery of government services.

Modest Progress, But More Needs to be Done

According to the report, Somalia’s financial integrity institutions have made modest progress in recent years, but more needs to be done to address systemic corruption, fraud, waste, and abuse of public resources.

Challenges and Recommendations

The BFC’s findings come as Somalia’s government has been pursuing a reform agenda with support from international development partners. The World Bank, DFID, EU, and AfDB have all provided significant assistance in areas such as public financial management, anticorruption, and procurement reforms.

Areas for Improvement

• Strengthening the Auditor General’s office
• Improving procurement processes
• Enhancing oversight by Parliament

The report’s findings and recommendations are expected to inform the government’s policy agenda and provide a basis for future reforms. The National Economic Council is also set to review the report and discuss its findings with stakeholders.

Background

Somalia has faced significant challenges in building credible financial integrity institutions since the collapse of its central government in 1991. The country has struggled to establish effective governance structures, including institutions responsible for economic and social management.

The recent conflict and political instability have further exacerbated these challenges, leading to widespread corruption, fraud, and abuse of public resources. Despite efforts by the international community to support Somalia’s reform agenda, significant gaps remain between the government’s intentions and its ability to deliver on its promises.

Conclusion

Strengthening Somalia’s financial integrity institutions is critical to improving transparency, accountability, and governance in the country. The BFC’s report provides a roadmap for future reforms and highlights the need for sustained commitment from the government and international partners to achieve meaningful change.