Public Finance
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Public Finance ![]()
- Constitution of Somalia
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CHAPTER 13: PUBLIC FINANCE
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Article 122. Principles of public finance
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| The Principles of the public finance will be discussed between the Federal Government and Federal
Member State in accordance with the constitution.
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Article 123. The Federal Central Bank
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| (1) A law passed by the Federal Parliament shall establish the Federal Central Bank of the
Federal Republic of Somalia.
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| (2) The Federal Central Bank of the Federal Republic of Somalia shall be responsible for
formulating and implementing financial policies and monetary policies and all the banks
shall abide by the regulations set by the Federal Central Bank.
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| (3) The main functions of the Federal Central Bank of the Federal Republic of Somalia are to:
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| (a) Produce currency;
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| (b) Control inflation;
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| (c) Stabilize exchange rates; and
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| (d) Establish a sound banking system.
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| (4) The financial policy shall be based on the market forces and lending shall not be based on
administrative decisions.
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| (5) The Federal Central Bank of the Federal Republic of Somalia has full authority to execute
the monetary policy.
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| (6) The Federal Central Bank is the National Reserve Bank
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Article 124. Federal Legislation on Financial Matters
A law enacted by the Federal Parliament shall provide the framework for financial management
with the following characteristics among others:
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| (a) The preparation, timetable and procedure for presenting the budgets of Federal Member
States and districts in a transparent, accountable and efficient manner;
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| (b) Guarantees by the Federal Government for loans raised by Federal Member States;
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| (c) Procedures which the Government will follow for public procurements;
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| (d) Auditing of accounts of non-governmental bodies that receive government funding; and
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| (e) General measures necessary for the implementation of this chapter.
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Article 125. The National Treasury
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| (1) A law enacted by the Federal Parliament shall establish a national treasury. That law shall
also determine legitimate revenue collection and expenditure disbursement relating to
institutions at all levels within the Federal Republic of Somalia. That law shall be based on
an accountability system that has been tested worldwide and is known to have standards
related to financial reserve and expenditure that can equally be implemented in every part
of the Federal Republic of Somalia.
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(2) The National Treasury shall ensure the implementation of the principle stated in Clause (1)
and it shall stop disbursement of funds to any government department that commits major
violations or constantly violates the law of national treasury.
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Constitution of Somalia
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| Declaration of the Federal Republic of Somalia
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| Fundamental Rights and the Duties of the Citizen
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| General Principles of Human Rights
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| Rights Basic Personal Liberties and its Limitations
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| Duties of Citizens
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| Land Property and Environment
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| Public Representation
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| General Principles of Public Representation
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| Elections
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| Devolution of the Powers of Government
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| Federal Parliament
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| General Provisions
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| House of the People of the Federal Parliament
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| Legislative Powers of the Upper House
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| Legislative Procedures In Parliament
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| President of the Federal Republic
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| Executive
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| Judicial Authority
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| Independent Commissions
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| Civil Service
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| Federal Member States
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| Public Finance
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| Peace and Security
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| Final and Transitional Provisions
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| Amending the Constitution
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| Miscellaneous Provisions
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| Somali Flag
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| Somali Emblem
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| Proposed Amendments to the Constitution
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| First Term of the Somali Federal Parliament
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Priority Laws to be Enacted in the First Term
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