President Deni opens Puntland State Bank with a modern Financial Management System

[𐒁𐒚𐒒𐒂𐒘𐒂𐒗 𐒎𐒚𐒗𐒗𐒒]

Puntland State Bank has a new home! Built using Puntland Tax Money which cost around 1 Million Dollars.













Puntland Modern Taxation System Topic with a Documentary that explains the process:

PUNTLAND - Puntland Modern Taxation System & Central Bank

Puntland is one of the first government to use the TSI system of taxation in the African continent. https://tsico.com/about-tsi/industries-served/government/

www.somalispot.com

Allahu Akbar!! This is the greatest news to come out of Puntland since its birth in 1998!



I made detailed notes for you guys about this amazing new Financial Management system!

Puntland has spend has been working on The Financial Management Information System (FMS)- with the World Bank. Puntland is the first state in Somalia to adopt the treasury single account!


Previous System

• There were problems with unpaid/late salaries in addition to excessive off-budget government spending.​
• Civil servants used to line up to collect hard copies of payment slips​
• They were also unable to track the large amount of money that was coming into the state.​
• They also used NGO’s to funnel funding to the government because there was no trust in the old financial management system!​
• The previous yearly budgets also didn’t include Puntland’s Economic Development Programme.​

The New System​

• The system has increased transparency in revenues and government spending and timely payments of civil servants ( who will be paid directly into their bank accounts and they can request their salary using the FMS system online)​
• Salaries are signed by relevant officials to ensure the expenditure is in line with the budget​
• Most importantly, this RESTORES TRUST OF DONOR PROJECTS​
• The FMS provides a framework for transparency in finance management.​
• Government accounts will be unified under the treasury single account to strengthen oversight on domestic and external revenues​
• It is now easier to observe bank reserves and curb inflation, oversee public procurements and contracts​
• All incoming/outgoing money can be scrutinised and audited by the parliament and audit teams.​
• They also modernised the tax collection system which allows them to judge someone’s income and then calculate how much tax they have to pay.​
• Tax collectors will be using the new software to collect tax and they have been trained on how to do this.​

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[𐒁𐒚𐒒𐒂𐒘𐒂𐒗 𐒎𐒚𐒗𐒗𐒒]

"We aim for self-sufficiency by 2025, we want Puntland to stand on its feet and wean itself off international experts and foreign aid”​

 

[Dima&Damo]

No One Do It Like The East Side

 

[𐒁𐒚𐒒𐒂𐒘𐒂𐒗 𐒎𐒚𐒗𐒗𐒒]

No One Do It Like The East Side

 

[Dima&Damo]

Not Gonna Lie Deni Has Been Making Moves As Of Late Gotta Salute That

 

[𐒁𐒚𐒒𐒂𐒘𐒂𐒗 𐒎𐒚𐒗𐒗𐒒]

Not Gonna Lie Deni Has Been Making Moves As Of Late Gotta Salute That

He has really improved Security and Finances, thanks to the single treasury system, it seems they found lots of funding for infrastructure projects and government salaries. That's why they increased the salaries for military personnel and increased their numbers.

I am very impressed with President Deni, but if you look at his history as a teacher and businessman, it's clear, he has always been a hardworking patriot.

May Allah preserve him and his team. Deni ha loo duceeyo.

 

[Hassan Garguute Buldanana]

Mashallah, Deni wasn’t even in my top 3 preferred candidate during the election.


Boy was I wrong.

 

[𐒁𐒚𐒒𐒂𐒘𐒂𐒗 𐒎𐒚𐒗𐒗𐒒]

Mashallah, Deni wasn’t even in my top 3 preferred candidate during the election.


Boy was I wrong.

I didn't like him either because I didn't like his involvement with certain politicians. But then again, at the time I didn't know that he was a teacher in Puntland in the past and that he was involved in educational developments. Since the first day he stepped foot into the Presidential office, he has been working hard.

He is also smart enough to select the right people to work with, look at how Governor Sanyare has pacified Mudug and destroyed AlShaydan.

I hope Deni doesn't leave Puntland. If he continues this way, he needs another term.

 

[FBIsomalia]

 

[Manafesto]

Mashalah, President Deni is a indeed a very visionary leader and very remarkable man.

I wouldn't be surprised if he delivers that promise he made tonight by making Garowe the financial and political capital of Somalia before the finish of this term. I mean Garowe is already the unofficial political capital of Somalia.

Anywaygreat work Reer Puntland.

 

[FBIsomalia]

I didn't like him either because I didn't like his involvement with certain politicians. But then again, at the time I didn't know that he was a teacher in Puntland in the past and that he was involved in educational developments. Since the first day he stepped foot into the Presidential office, he has been working hard.

He is also smart enough to select the right people to work with, look at how Governor Sanyare has pacified Mudug and destroyed AlShaydan.

I hope Deni doesn't leave Puntland. If he continues this way, he needs another term.

DENI fixed many issues inside PL. Today PL reach to AY AUN 1998 in how all 9 states in one heart . Still remains 2 years. I feel great days waiting for us.

 

[FBIsomalia]

Mashallah, Deni wasn’t even in my top 3 preferred candidate during the election.


Boy was I wrong.

I were saying, who is this guy .

 

[𐒁𐒚𐒒𐒂𐒘𐒂𐒗 𐒎𐒚𐒗𐒗𐒒]

I wonder if Puntland State Bank will ever provide commercial banking services? Or will it only stick to managing Puntland taxes and policy.

Puntland really needs a robust banking system, like @DR OSMAN pointed out. We also need to encourage Puntites to stop collecting livestock like it's decoration, but to sell them and save their assets in a bank.

 

[Hassan Garguute Buldanana]

@Pwyneth Galtrow listen to this

 

[Cerberus]

Puntland State Bank has a new home! Built using Puntland Tax Money which cost around 1 Million Dollars.








Puntland Modern Taxation System Topic with a Documentary that explains the process:

PUNTLAND - Puntland Modern Taxation System & Central Bank

Puntland is one of the first government to use the TSI system of taxation in the African continent. https://tsico.com/about-tsi/industries-served/government/

www.somalispot.com

​

Puntland is becoming the Tech sector of Somalia and they even have high tech DNA lab to fight rapists. Think I'll be moving to Puntland when I retire back to Somalia for good.

 

[Cerberus]

Go Puntland go.

How one former Minnesotan is modernizing government — in the Somali state of Puntland | MinnPost

Jama co-founded PII Tech, LLC, which works with the government in Puntland to issue driver’s licenses and birth certificates as well as vehicle and business registrations.

www.minnpost.com

Gang Rape Of Two Teens Leads To An Unusual Step — A Trial

In the Puntland region of Somalia, clan elders usually rule on a rape case. But a community court heard this one — and issued its verdict on Sunday.

www.npr.org

 

[FBIsomalia]

I wonder if Puntland State Bank will ever provide commercial banking services? Or will it only stick to managing Puntland taxes and policy.

Puntland really needs a robust banking system, like @DR OSMAN pointed out. We also need to encourage Puntites to stop collecting livestock like it's decoration, but to sell them and save their assets in a bank.

In Deni speech he said, State bank will managing PL taxes to be collect all puntland 9 states tax in one place.

 

[𐒁𐒚𐒒𐒂𐒘𐒂𐒗 𐒎𐒚𐒗𐒗𐒒]

Puntland is becoming the Tech sector of Somalia and they even have high tech DNA lab to fight rapists. Think I'll be moving to Puntland when I retire back to Somalia for good.

Soo dhawoow walaale

 

[𐒁𐒚𐒒𐒂𐒘𐒂𐒗 𐒎𐒚𐒗𐒗𐒒]

In Deni speech he said, State bank will managing PL taxes to be collect all puntland 9 states tax in one place.

Any idea which Commercial Banks Puntland has?

Amal
Salaam?

 

[warside]

Any idea which Commercial Banks Puntland has?

Amal
Salaam?

There are four banks in Puntland: Salaam,Amal,Dahabshiil,IBS.