Component 11: PFM Legislation
Objective: To lay a sound foundation for public financial management by establishing sound legal and regulatory environment, which promotes efficient, effective and reliable PFM.
This component aims to establish the founding elements for modern and effective PFM functions through the enactment of proper PFM legislation and the articulation of supportive regulations. Support will be provided to finalize the review of proposed acts and the development of supporting regulations, guidelines and directives.
As part of GoSL’s effort to strengthen its service delivery to the Somaliland citizenry, the Ministry of Finance (MoF) initiated the Public Financial Management Reform Program (PFMRP) to strengthen the country’s procedural, legal and regulatory frameworks for the mobilization, allocation, management and expenditure of the country’s financial resources. To this end, GoSL helped develop five Bills on:
- Financial Management and Accountability
- Revenue, and
Four of the above bills have become law with the Procurement Bill still being debated in Parliament.