Jurisdiction Government of Somalia Website Official website | Headquarters Mogadishu | |
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Formed 31 August 1960; 56 years ago (1960-08-31) Agency executive Mohamud Ibrihim Adan, Minister | ||
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.
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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 Mohamed Adan Ibrahim.
Duties and importance
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.