Somali President Mohamed Farmajo has signed into law the Revenue Management Bill as part of the country's endeavors to improve revenue management and processes as well as enhance good governance and financial transparency.
Farmajo said in a statement issued on late Sunday that raising and effectively managing domestic revenue is key to the country's sustainable development and in the national economic reform journey.
He said the Bill entailing revenue management is a law that is consistent with the modern revenue collection system.
"The provisions under this Bill are important instruments in helping to raise domestic revenue and in defining the rights and responsibilities of the taxpayers as well," he said.
Farmajo who later held a meeting with the senior ministry of finance officials spoke on the dangers of corruption, emphasizing the government's continued commitment and its zero-tolerance approach against corruption.
The International Monetary Fund has projected Somalia's economic growth to remain broadly stable at 2.9 percent in 2019 despite the difficult security situation in the Horn of Africa nation.
The lender said the Somali authorities' continued strong commitment to economic and financial reform is supporting satisfactory performance.