Somalia generates record $42.5m domestic revenue for Q1 of 2018

The Somali government is making giant strides in the area of domestic revenue generation according to the European Union (E.U.).

The Mohamed Abdullahi Farmaajo-led government is said to have raised $42.5m in domestic revenues between January and March 2018.

The E.U. admitted that the amount is the highest revenue collection in a single quarter ever recorded in recent history, Voice of America journalist, Harun Maruf, added.

The Finance Ministry of Somalia has been working to raise revenue for the country in order to secure debt relief for the country riled by years of insurgent attacks by Al-Qaeda affiliate, Al Shabaab.

The office of Prime Minister, Ali Hassan Khaire, also confirmed the records as transmitted by the Finance Minister. PM Khaire said Mogadishu will continue to work in line with agreed benchmarks of international lenders to boost the economy.

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