Oodweyne News - Latest Somali News Update

Somaliland ministry finance development has conducted fruitful brainstorming session with regard government budget for the fiscal year 2019-2020 participated by a number of government various ministries

As standard rule, every achievement begins good idea as good ideas generates productive results.  Our minds contains many good ideas. Money never starts an idea. It is always the idea that starts the money, Owen Laughlin. Good idea coupled with action will generate big result.  Good idea is the ultimate authors of change.  Great thoughts, good ideas, great deeds end results productive beginning.  In this, regard, crafting spending plan allows the government to determine in advance its income and expenditure. Budget preparation is vital to run the government effectively. It is financial plan for the government with regard specific budget year. It is government spending plan that forecasts government income and expenditure. A budget is financial statement that outlines government financial or operational goals, in other, it is a financial statement, prepared in advance in the opening of a fiscal year intended to estimate government revenues and proposed expenditures for specific fiscal year, but in this session, it is intended for the fiscal year 2019-2020.

 

  Budgeting is one of the biggest keys managing cash flow.  It covers both the government revenue and expenditure. It is based prioritizing the government expenditure.  The budget has direct relationship with government tax which is mandatory contribution paid by Somaliland to their government, so that the government funds its obligations.  A tax is the corner stone for Somaliland economic growth. The government collects taxes from its citizens to accomplish a series of objectives. Taxes make our streets safe, provide our children education and provide health services to our people across Somaliland.

 

In an effort to achieve the above, Somaliland ministry of finance has conducted brainstorming session intended to identify the respective needs for each and every government ministries and independent agencies as small ideas with wings will generate big idea with legs.   As standard, brainstorming builds involvement, self-assurance, and commitment and collective understanding.  Brainstorming is the engine that drives innovation and innovation drives economic growth.   In brainstorming participants raises questions that stimulates and unblocks creative talents. It creates better work relationship and cooperation. In brain brainstorming every participants expresses his ideas freely. Above process has generated the respective government ministries and independent agencies to join hands to gain the shared goals for the government.  All government ministries and independent agencies will attend this brainstorming sessions.

 

Already, five government concerned divisions have attended the first session which was held in ministry of finance development on September 25, 2019.   In an effort to prepare government budget for the fiscal year 2019-2020, Somaliland ministry of finance has introduced a new Somaliland finance management information system that provides the data to identify  to every system user in in effort leading better business productivity, efficiency, better decision making and better data management.  This is an integrated financial hierarchy system created to be used by the entire Somaliland government to control funds allocated for each and every Somaliland government ministry and independent agencies.

 

This system links the various level of the government hierarchies through online with regard government expenditure. This generates improving management performance.  In this system, one can monitor his activities through online as the system is based on online application. In conclusion, this brainstorming session has gained the goals and the objectives set to accomplish as team work is the foundation of success. “Coming together is a beginning; keeping together is progress; working together is success, Henry Ford.

 

 

Ismail Lugweyne.