Twitter Linkhttps://twitter.com/MOFPuntland  

The Ministry of Finance  of the state of Puntland has been established on the 23rd of August 1998 as one of the first nine decanters (Ministries) immediately established after declaration of the Puntland government.

 

Ministry of Finance Puntland is the central authority of the Puntland State of Somalia Government charged with the responsibilities devising and administering economic and financial policy of the Puntland State. Moreover, the key role of the Ministry lies with the more rationale allocation of resources; better management of public expenditure; enhanced mobilization of both internal and external resources; greater performance in public investments and strengthening of public enterprises productive capacity; open and simple foreign exchange policies and regulation, and prudent fiscal and monetary policies.

Mandate
The Ministry of Finance, in pursuit of its mission, has a wide mandate with responsibility for:

  • Economic planning
  • Budgeting
  • Economic policy formation
  • Resource mobilization
  • Cash management
  • Tax administration

As an integral part of its mandate, the major responsibility of the Ministry is as follows:

  • Mobilize resources for economic revival and subsequently for economic development;
  • Improve accountability for the use of inadequate resources;
  • Gain credibility by implementing PFM system
  • Ensure strict adherence to budgetary processes;
  • Facilitate and support citizen economic empowerment schemes and initiatives;
  • Facilitate the contributing role of the private sector and non-governmental organization to the strategy of creating greater prosperity and embracing this in the development process;
  • Facilitate involvement of the Somali Government in regional and global economic issues.