President Farmajo Signs 2020 Budget Bill

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Somali President Mohamed Abdullahi Farmajo has signed a new budget for 2020, a day after it was passed by the country’s parliament.

The members of both houses of the national assembly voted for the 2020 budget which is USD 459.5 million, which shows a little increase when compared to 2018’s 380USD million.

The country is trying to reform its economy after decades of conflict.

Somalia receives contributions from its donor nations towards its annual budget.

The country is expected to be relieved from over USD 4.6 billion external debt which will pave way for new loans from the international financial institutions.