Monday 3,Feb-2025 {HMC} Somali government officials and representatives from the International Monetary Fund (IMF) convened a high-level meeting in Riyadh, Saudi Arabia, on Monday to discuss strategies for developing Somalia’s economy and investing in its natural and productive resources.
The Somali delegation, led by Minister of Finance Bihi Iman Egeh, includes members from the Office of the President, the Prime Minister’s Office, the Ministry of Finance, the Ministry of Planning, the Ministry of Petroleum, the Central Bank, the Financial Reporting Center, the Somali National Bureau of Statistics, and the Office of the Auditor General.
The four-day meeting will assess Somalia’s progress since the $4.5 billion debt relief granted under the Heavily Indebted Poor Countries (HIPC) Initiative in December 2023. Discussions will focus on further modernizing Somalia’s financial infrastructure and implementing development projects to help achieve long-term economic self-sufficiency.
Minister Bihi Iman Egeh highlighted the Ministry of Finance’s efforts to reform the country’s financial system and diversify revenue streams in his opening remarks.
“Our current trajectory is positive, and we are on the right track to achieving sustainable financial development,” he said.
The minister emphasized the Somali government’s commitment to transparency and accountability and acknowledged the technical and financial support the IMF and the World Bank provided. He thanked both institutions for their ongoing cooperation in strengthening Somalia’s financial sector and supporting key development initiatives.
The $4.5 billion in debt relief provided by the IMF and the World Bank’s International Development Association (IDA) was a major milestone for Somalia under the HIPC Initiative, allowing the country to focus on rebuilding its economy and attracting foreign investments in key sectors such as natural resources, agriculture, and infrastructure development.
Over the next few days, officials will analyze the impact of past reforms and devise new strategies for investment in productive sectors, including petroleum, agriculture, fisheries, and renewable energy, which are expected to play a critical role in Somalia’s future growth.
