Mogadishu – Somalia’s Finance Minister, Mr. Biihi Imaan Ige, attended the annual World Bank meeting, delivering a speech on Somalia’s economic development. The meeting also featured the presentation of the Somalia Economic Update report, outlining the country’s economic achievements and challenges in 2023.
According to Somali National News Agency, despite facing adverse effects of climate change, floods, and locust invasions, the Somali economy has shown improvement and increased domestic revenue. The report highlighted Somalia’s compliance with debt relief program conditions and regulations, with a completion expected in December 2023.
Minister Ige emphasized the Somali government’s progress in financial system reform, crucial for the country’s economic development and stability. He reaffirmed the government’s commitment to strengthening its financial reform program, which will open up more financial resources and opportunities.
Kristina Svensson, the World Bank’s representative in Somalia, commended the Somali government for its achievements in domestic revenue and financial system reform. She assured the World Bank’s support for Somalia’s journey towards economic stability and growth.