Somalia’s Federal Budget Faces Domestic Revenue Challenge
Finance Minister Bihi Iman Egeh said Tuesday that the economy is now estimated at roughly $2.3 billion, compared with about $150 million a decade ago. Commercial bank lending to the private sector has also nearly doubled over five years to around $500 million. However, Egeh acknowledged that too little credit reaches agriculture, livestock and industry—the productive sectors capable of generating domestic tax revenue. He urged banks to redirect financing toward production and job creation. Egeh has held the finance portfolio since July 2023. Why it matters for Somali readers: Directing more credit toward productive businesses could support jobs and strengthen the domestic revenue available for public services.
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