The Minister for Finance of Somalia, Dr. Elmi Mohamud Nur, officially concluded a four-day meeting between the Ministry of Finance of Somalia, the International Monetary Fund (IMF), and the World Bank in Nairobi today. The meeting, which focused on Somalia’s debt relief efforts, marked a significant step towards the country’s economic recovery.
At the center of discussions was the Extended Credit Facility (ECF), an integral part of Somalia’s comprehensive debt relief program. Officials engaged in in-depth deliberations on various aspects, including the debt relief program itself, the restructuring of Somalia’s financial management, domestic revenue generation, Public Financial Management (PFM), and sound financial governance. The guidelines for debt relief and the completion of the final stage, known as the completion point, were also thoroughly examined.
Speaking during the closing ceremony, Minister Elmi Mohamud Nur expressed his satisfaction with the outcome of the meetings. He highlighted the substantial progress made in restructuring Somalia’s financial management system and the commendable efforts invested in achieving total debt relief. The Minister emphasized that the consensus reached on the ECF program with the IMF represents a significant milestone in Somalia’s journey towards complete debt relief.
‘The four days of productive meetings with officials from the IMF and the World Bank have yielded remarkable results,’ stated Minister Elmi Mohamud Nur. ‘We have made significant strides in the restructuring of our financial management system, bringing us closer to the goal of total debt relief.’
Minister Elmi Mohamud Nur further pledged his commitment to strengthening internal revenue collection, enhancing transparency in the country’s financial system, and promoting proper financial management. He underscored the critical role these measures play in Somalia’s pursuit of debt relief and its overall economic revitalization.
The meeting in Nairobi reflects the dedication of Somalia’s government to address its debt burden and create a solid foundation for sustainable development. By actively engaging with international partners like the IMF and the World Bank, Somalia is fostering a collaborative approach to overcome financial challenges and lay the groundwork for a prosperous future.
As Somalia progresses on its path towards debt relief, the international community continues to extend its support, recognizing the importance of Somalia’s economic stability not only for the country but also for regional and global stability. With renewed momentum, Somalia is poised to achieve its objective of total debt relief, paving the way for inclusive growth and a brighter future for its citizens.
Source: Somali National News Agency