EU pumps €89.5 million to Somalia

MOGADISHU, Somalia - The European Union [EU] has dispatched €89.5 million to Somalia in the latest aid, even as the Horn of Africa nation battles with instability and state-building amid the Al-Shabaab menace which has almost grounded economic activities across the country.

Daudi Aweis, the Minister for Information, Tourism and Culture said the money was meant for the Multi-Annual Action Plan given by the European Union, which has been a major financial and security partner of the country for the last three or so decades.

According to him, €20 million of the donation will go to budget support with the major aim of supporting state-building endeavors in the country. Somalia has been struggling for stability with most of the help coming from multi-national friends and donors.

"In a significant development, the European Union has announced a substantial Multi-annual Action Plan worth € 89.5 million," he said. "Out of this amount, € 20 million has been allocated to provide critical budget support, aimed at bolstering Somalia's ongoing state-building endeavors."

The minister also revealed that the country's domestic revenue increased by 20%, an indication of robust strategies to revive the economy through the promotion of self-reliance indicators. The budget, he added, was exceeding $1 billion dollars, a sign of an expanded economy.

"The Somali Cabinet has greenlit the 2024 national budget. With a remarkable surge of over 20% in domestic revenue, the government’s budget has now exceeded one billion dollars," read the statement by the minister, a close ally of President Hassan Sheikh Mohamud.

"The main focus of the budget lies in bolstering national security and advancing social services," he further said, ahead of the budget-making process in the country.

Somalia is fighting Al-Shabaab militants on several frontlines with the help of international partners mainly the US Africa Command and the African Union Transition Mission in Somalia [ATMIS]. Serious gains have been made on several frontlines according to government sources.

GAROWE ONLINE