Broke Somalia?

[0117]

SOURCE:

Government Quarterly Financial Report Quarter ONE 2021 | Ministry of Finance

This section contains financial statements of the Federal Government of Somalia in 2021

mof.gov.so

Last week the Ministry of Finance uploaded the 1st quarter of 2021 Financial reports and it's bad
Domestic revenue was only $51,950,123 which is a decrease from $59,237,797 from the same period last year.
The federal state of "Somaliland" raised $64,640,419 in the 1st quarter of this year


What's more worrying is actually the figure on Multilateral funds from the international community.
The government was expecting $380,800,483 from the international community but have only received $24,970,460.
I wonder how many thousands of people have been directly impacted due to the withholding of funds because of the circus in Villa Somalia

I tried to find news reports on the analysis of these sort of financial reports as any functioning nation would have its journalists or academics write reports on this but instead all I see is stuff like this

 

[Cerberus]

SOURCE:

Government Quarterly Financial Report Quarter ONE 2021 | Ministry of Finance

This section contains financial statements of the Federal Government of Somalia in 2021

mof.gov.so

Last week the Ministry of Finance uploaded the 1st quarter of 2021 Financial reports and it's bad
Domestic revenue was only $51,950,123 which is a decrease from $59,237,797 from the same period last year.
The federal state of "Somaliland" raised $64,640,419 in the 1st quarter of this year


What's more worrying is actually the figure on Multilateral funds from the international community.
The government was expecting $380,800,483 from the international community but have only received $24,970,460.
I wonder how many thousands of people have been directly impacted due to the withholding of funds because of the circus in Villa Somalia

I tried to find news reports on the analysis of these sort of financial reports as any functioning nation would have its journalists or academics write reports on this but instead all I see is stuff like this

Shoot reminds me of time I sent nus dollar in EVC to a broke traffic policeman and I did it so he didn't shoot for refusing or take me to jail lol

 

[Caaro]

I scrunched the numbers and here’s something I found funny.

They were estimating a revenue of $680,511,575 with 60% of it coming from external grants ($410,800,483 to be precise) and making 40% of it —$269,711,093– as domestic revenue.

What ACTUALLY happened was they got a total revenue of $76,920,583 (a variance of more than $600 million lmao) to make matters worse they didn’t get grants doubling their domestic revenue but in fact got half of their domestic revenue!

so their total revenue was comprised of 68% domestic revenue ($51,950,123) and 32% external grants, a measly $24,970,460.

Their estimates were COMPLETELY off. So how did they cope with that you may ask? Well let’s see.

Their difference in estimated revenue and actual revenue was 89% mind you. So on average you’d expect ~85-95% cuts on expenditure on each section.

Let’s dig in now. To start off, social benefits expenditure was estimated at $60.7 million (a whopping 9% of their estimated revenue), here’s their actual expenditure on social benefits:



That’s it, $0. They thought they had more pressing matters to pay for to make up for their underperformance. Let’s see what got less than 89% cut since now they have the extra money they would have spent on social benefits.

Use of goods and Services was cut by 92% from $181.88 mill estimate to $13 mill actual. So it’s near 89% but still a little over.

Let’s see “Compensation of employees”

The only cut that by 78%. They were estimating on spending a quarter of a trillion dollars on their government employees. Which wasn’t so bad because it would “only” be 37% of their estimated total revenue. Now, they spent $56 mill on their employees out of their total $76.9 mill revenue. A whole 72% of their revenue went to the employees, a jump from the planned 37% all to make up for the money they WOULD have gotten!!!!

Even if it means spending 3 quarters of your revenue on employees, I guess the government employees must get their money huh.

 

[Gladiolus]

We need to have a crying emoji and a broken heart one.

 

[JaalleWadani]

SOURCE:

Government Quarterly Financial Report Quarter ONE 2021 | Ministry of Finance

This section contains financial statements of the Federal Government of Somalia in 2021

mof.gov.so

Last week the Ministry of Finance uploaded the 1st quarter of 2021 Financial reports and it's bad
Domestic revenue was only $51,950,123 which is a decrease from $59,237,797 from the same period last year.
The federal state of "Somaliland" raised $64,640,419 in the 1st quarter of this year


What's more worrying is actually the figure on Multilateral funds from the international community.
The government was expecting $380,800,483 from the international community but have only received $24,970,460.
I wonder how many thousands of people have been directly impacted due to the withholding of funds because of the circus in Villa Somalia

I tried to find news reports on the analysis of these sort of financial reports as any functioning nation would have its journalists or academics write reports on this but instead all I see is stuff like this

That account of Liela Siyad girl is actually not girl. It is probably an Amhara guy that knows Somali. I have been following him for 3 mouths now. A lot of NN bots are not Somali.

 

[codewebsduh]

Most of that money is stolen anyway , it doesn't make any difference.

 

[Periplus]

World Bank released its economic update on Somalia four days ago.

Somalia’s Economy Rebounding from ‘Triple Shock’

Somalia’s economy is rebounding from the “triple shock” that ravaged the country in 2020: the COVID-19 pandemic, extreme flooding, and the locust infestation. Real GDP growth is projected at 2.4 percent in 2021. This growth momentum is expected to continue in the medium term and reach...

www.worldbank.org

 

[Bernie Madoff]

That account of Liela Siyad girl is actually not girl. It is probably an Amhara guy that knows Somali. I have been following him for 3 mouths now. A lot of NN bots are not Somali.

How did you come to that conclusion?
I heard they mostly from Kenya and other diasporas

 

[Ozark]

How did you come to that conclusion?
I heard they mostly from Kenya and other diasporas

There definitely Somali, no foreigner other then some NGOs gives a shit what goes on let alone make a Twitter on Somali affairs.

Leila character probably a male but a Somali one.

 

[cow]

that is first quarter of income. 3 more to go.

 

[cow]

Most of that money is stolen anyway , it doesn't make any difference.

what happened bro? you where a staunch N&N supporter.

 

[0117]

I scrunched the numbers and here’s something I found funny.

They were estimating a revenue of $680,511,575 with 60% of it coming from external grants ($410,800,483 to be precise) and making 40% of it —$269,711,093– as domestic revenue.

What ACTUALLY happened was they got a total revenue of $76,920,583 (a variance of more than $600 million lmao) to make matters worse they didn’t get grants doubling their domestic revenue but in fact got half of their domestic revenue!

so their total revenue was comprised of 68% domestic revenue ($51,950,123) and 32% external grants, a measly $24,970,460.

Their estimates were COMPLETELY off. So how did they cope with that you may ask? Well let’s see.

Their difference in estimated revenue and actual revenue was 89% mind you. So on average you’d expect ~85-95% cuts on expenditure on each section.

Let’s dig in now. To start off, social benefits expenditure was estimated at $60.7 million (a whopping 9% of their estimated revenue), here’s their actual expenditure on social benefits:



That’s it, $0. They thought they had more pressing matters to pay for to make up for their underperformance. Let’s see what got less than 89% cut since now they have the extra money they would have spent on social benefits.

Use of goods and Services was cut by 92% from $181.88 mill estimate to $13 mill actual. So it’s near 89% but still a little over.

Let’s see “Compensation of employees”

The only cut that by 78%. They were estimating on spending a quarter of a trillion dollars on their government employees. Which wasn’t so bad because it would “only” be 37% of their estimated total revenue. Now, they spent $56 mill on their employees out of their total $76.9 mill revenue. A whole 72% of their revenue went to the employees, a jump from the planned 37% all to make up for the money they WOULD have gotten!!!!

Even if it means spending 3 quarters of your revenue on employees, I guess the government employees must get their money huh.

Thanks for the further analysis.
I'll try find some papers during HSM term as I know for a fact they were less dependent on international community funding back then.

 

[0117]

that is first quarter of income. 3 more to go.

Is that all you can muster from this thread?

 

[JaalleWadani]

How did you come to that conclusion?
I heard they mostly from Kenya and other diasporas

A lot of observation. One time the person changed there profile picture from one somali woman to another.

 

[Ozark]

Thanks for the further analysis.
I'll try find some papers during HSM term as I know for a fact they were less dependent on international community funding back then.

Find that pls, I’m interested to have a look at it.

 

[codewebsduh]

what happened bro? you where a staunch N&N supporter.

I follow the light of bixi now brother. May pope bixi lead me into the light of holy ictiraaf ameen.

 

[JaalleWadani]

what happened bro? you where a staunch N&N supporter.

Brother pls join us mooryaans. You can see everything from up here.