In a positive development for Somaliland’s economy, Minister of Finance and Economic Development, Hon. Abdillahi Hassan Adan, announced a consistent rise in national revenue during the 21st session of the Somaliland Council of Ministers. The meeting, held on Wednesday at the Presidential Palace, was chaired by Vice President and Acting President, H.E. Mohamed Ali Aw Abdi.
Delivering a detailed report on the country’s economic status, Minister Adan highlighted the successful progress in tax collection, particularly the Goods and Services Tax (GST). “The national revenue is growing steadily, day by day,” he affirmed, underscoring the effectiveness of ongoing financial reforms.
In a significant step toward enhancing resource management, the Minister revealed that the Ministries of Finance and Mining and Energy have collaborated to establish a Resource Revenue Framework. This initiative aims to accurately track and optimize revenue generated from Somaliland’s diverse mineral resources.
The announcement signals a promising outlook for Somaliland’s economic stability and growth, with the government’s strategic efforts to strengthen fiscal policies and resource management taking center stage.