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The Ministry of Finance (Somali: Wasaaradda Maaliyadda), abbreviated MOF, is a ministry of the Government of Somalia that is charged with the responsibility for government expenditure and revenue raising. The ministry's role is to develop economic policy and prepare the federal budget. The Ministry of Finance also oversees financial legislation and regulation. Each year in October, the Minister of Finance presents the Somali federal budget to the Parliament.

Federal Republic of Somalia
Finance
Wasaarada Maaliyada
Coat of arms of Somalia.svg
Agency overview
Formed31 August 1960; 58 years ago (1960-08-31)
JurisdictionGovernment of Somalia
HeadquartersMogadishu Somalia
Coordinates: 2°2′24″N 45°20′46″E / 2.04000°N 45.34611°E / 2.04000; 45.34611
Agency executive
Parent agencyCabinet of Somalia
Websitewww.mof.gov.so

The Minister of Finance administers his functions through the Ministry of Finance and a range of other government agencies. The current Minister of Finance is Abdirahman Duale Beyle.

Contents

Duties and importanceEdit

The Minister of Finance is the minister in charge of government revenue and expenditure. The Minister oversees economic policy: fiscal policy is within the Minister's direct responsibility, while monetary policy is implemented by the politically independent Central Bank of Somalia, the head of which is appointed by the President of Somalia. The Minister of Finance also oversees financial legislation and regulation. Each year in October, the Minister of Finance presents the Somalia's federal budget to the Parliament.

The Minister of Finance is a very senior government post; historically, many Ministers of Finance have previously, concurrently or subsequently served as Prime Minister or Deputy Prime Minister.

StructureEdit

  • Director-General
  • Under the Authority of Director-General
    • National Strategy Unit
    • Legal Division
    • Corporate Strategy and Communications Division
    • Treasury Internal Audit Division
    • Integrity Unit
    • Administration Division
    • Human resources Division
  • Deputy Director-General (Policy)
    • National Budget Office
    • International Division
    • Fiscal and Economics Division
    • Tax Division
    • Registrar Office of Credit Reporting Agencies
  • Deputy Secretary-General (Management)
    • Management Division
    • Government Procurement Division
    • Information Technology Division
  • Deputy Director-General (Investment)
    • Strategic Investment Division
    • Statutory Body Strategic Management Division
    • Government Investment Companies Division
    • Public Asset Management Division
  • Accountant General
    • Treasury
    • Customs Department

See alsoEdit

ReferencesEdit