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$42M Missing from Somalia's Ministry of Finance Accounts

Thursday November 22, 2018

Somalia Parliamentary Committee on Finance and Budget have opened an inquiry into 'missing' funds amounting to about $42M.

How could a country like Somalia with the Somali Shilling going for 580 to a US Dollar say about 24.4 Billion Somali Shillings under the control of the country's ministry of finance are uncounted for?

In a country where hunger and poverty kill citizens by the second, this is indeed a disheartening revelation.

The Somalia Parliamentary Committee on Finance and Budget has released a new statement alleging mismanagement of funds at the Ministry of Finance.
In the report, it was revealed that about $42M is unaccounted for and the Finance Ministry headed by Minister Abdirahman Beilleh, has not been able to provide any reason or explanation on how the funds 'disappeared'.

Of the funds unaccounted for is $20 million which is part of a $50 million budgetary support from Saudi Arabia granted to the Somalia government in the year 2017.
According to the report the funds have not been indicated in the 2018 budget.

$6M is reported to have been withdrawn from the Somalia Central Bank by a local government committee with no full report by the Ministry on how it was spent.

The report farther claimed that local government employees are illegally deducted 30% from their salary.

The report alleges that $1.5m allocated for humanitarian emergencies including floods and drought was diverted to cater for foreign and local trips and hotel accommodations.

The Banaadir Region Administration has been put on notice to explain how $16.5 million it received between January and June 2018 was spent.

The Parliamentary Committee has ordered the finance ministry to give a full report on the whereabouts of the missing funds.


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