Somalilandsun: The PFM Coordination Department conducted a consultative meeting between the senior management of the Ministry of Finance Development and Technical Advisors of the PFM implementing Ministries Department and Agencies.
The objective of the meeting was to review reform progress against set priorities and reconfirm commitments to achieve national reform priorities in the management of the public finance.
The Minister of Finance Development Dr. Saad Ali Shire has emphasized the critical importance of the ongoing reforms in transforming the management of the budget, revenue, accounting and reporting, as well as promoting oversight and evaluation of the public funds.
In his remarks, the Deputy Minister of Finance Development Hon. Muse Ibrahim Yusuf has underscored that the Technical Advisors are instrumental in realizing the PFM agenda, and as such, stressed the need to ensure timely skill transfer to civil servants in supported institutions, for them to have the capacity and confidence to continue and sustain reform achievements.
About Somaliland PFM
The Somaliland Public Finance Management-Program aims. to achieve the highest possible efficiency, transparency, and accountability in the allocation, management and use of public finances to meet the Government’s development and economic growth priorities.
To achieve the highest possible efficiency, transparency and accountability in the allocation, management and use of public finances to meet Somaliland’s economic and development priorities and commitments under the NDPII and Vision 2030
To Coordinate and harmonize the public financial management reforms to strengthen public finance management systems, enhance the effectiveness, efficiency and improve transparency and accountability in the use and management of public funds
The broad objective of the PFM reform Program is to achieve overall fiscal discipline, allocation of resources to priority needs, efficient and effective delivery of public services. A solid and strong PFM system is a tool to minimize fiscal waste and support the effective and efficient use of taxpayers’ money. Without proper management of public funds, the macroeconomy will be negatively affected. Weak PFM means that scarce resources are wasted through poor allocations and inefficient management. Corruption also thrives where PFM is weak and limits possibilities for growth.
The PFM Reform Strategy identifies the priorities for reform, provides a structured and sequenced framework to carry out specific reform activities, guides the mobilization of resources, and sets parameters for improving coordination as well as sustainability of the reforms aimed at strengthening the PFM systems.
Read more about the Somaliland PFM Program HERE