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Somali Federal Government in Budget Deficit

Storyline:National News

FargeetiIn a cabinet meeting yesterday, the finance minister Mohamed Aadan Fargeti has presented financial report regarding the 2015 budget which showed that there is a huge deficit.

The minister said that the expected foreign aid was not materialized and since %50 of the budget is based on local income, government should spend wisely.

The cabinet has also approved to speed up revenue collection exercise in the country, especially big corporations like telecoms.

The 2015 budget is estimated to $200 million US Dollars and it’s the first time the government has complained of budget deficit.

The international community which supports the Somali government has yet to comment on this issue.

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