Today the Minister of Finance, Hussien Abdi Halane, has passed the Public Procurement, Concessions and Disposal Act in front of a unanimous Cabinet vote. This signals a milestone in Somalia’s achievements and is a step towards a brighter future. The objective of the Bill is to lay down principles and practices of public procurement and create a foundation for transparent financial governance. This will further contribute to the Somali Federal Government and promote economic development.
The Public Procurement, Concession and Disposal Act will regulate the Somali public finance, increase accountability and ascertain that public funds are used for the purpose which they are intended. It offers full transparency and procurement will help obtain the best values for public expenditures by reducing the price of commodities and services to strengthen financial governance and institutions. It will bring consistency and order in the procedures, processes and decisions relating to procurement and agreements entered into it.
Minister Halane has made this achievement an utmost priority since his arrival to the post.
“It is a milestone triumph for Cabinet to unanimously pass this Bill. It addresses all issues of transparency, accountability and utilizing public funds wisely when the public institutions procure goods and services as well as concessions. This new bill was taken very well by Cabinet and it is a milestone in the Somali Federal Government”, he said.
The new Bill will promote the growth of local business people of the Federal Government of Somalia and eradicate mismanagement of public funds, reduce monopolies and promote competitiveness in the concession of procurement process. This Bill will go through Parliament and once it is passed it will allow the Somali government to strengthen its financial governance and institutions.