Mogadishu, Somalia (SONNA) – The Minister of Finance of the Federal Government of Somalia, Mr. Bihi Imaan Ige, presented three critical bills to the Federal Parliament on Tuesday. The proposed legislation includes the Income Tax Bill, the Insurance Bill, and the Financial Institutions Bill, all of which are expected to play a pivotal role in strengthening the country’s financial sector and fostering economic growth.
During his address to Members of Parliament, Minister Bihi emphasized the importance of these bills in advancing Somalia’s economic recovery and development. He highlighted that the proposed laws are designed to create a more robust and transparent financial framework, which will enhance revenue collection, promote investment, and ensure the stability of the country’s financial institutions.
“These bills are essential for the economic development of our nation. They will provide the legal foundation needed to modernize our financial systems, attract investment, and ensure sustainable growth,” Minister Bihi stated.
The Income Tax Bill aims to establish a fair and efficient tax system that will broaden the government’s revenue base, enabling it to fund critical public services and infrastructure projects. The Insurance Bill seeks to regulate the insurance industry, providing a legal framework that will protect consumers and encourage the growth of the sector. Meanwhile, the Financial Institutions Bill is designed to strengthen oversight of banks and other financial entities, ensuring their stability and compliance with international standards.
Minister Bihi assured Parliament that the Ministry of Finance is prepared to address any questions or concerns regarding the proposed legislation. He also revealed that additional bills are being prepared by the Ministry and will be submitted to Parliament once finalized.
“The Ministry is ready to provide detailed explanations and answer any questions from the House regarding these bills. We are also working on other important legislation that will be presented to Parliament in the near future,” he added.
The presentation of these bills marks a significant step in Somalia’s ongoing efforts to rebuild its economy and strengthen its financial systems. The proposed laws are expected to enhance governance, improve public trust in financial institutions, and create an enabling environment for both local and foreign investment.
Members of Parliament welcomed the bills and expressed their commitment to reviewing them thoroughly. The legislative process will involve detailed discussions and consultations to ensure that the laws align with the country’s economic goals and address the needs of its citizens.
