The Minister of Finance of Somalia, Mr. Biihi Imaan Ige, today attended the annual meeting of the World Bank, where he delivered an important speech on the economic development of Somalia. The meeting also presented the Somalia Economic Update, a report that highlighted the achievements and challenges of the Somali economy in 2023.
According to the report, the Somali economy has improved and increased its domestic revenue despite the adverse effects of climate change, floods and locusts that have caused problems in the region. The report also stated that Somalia has achieved a very good level of compliance with the conditions and regulations of the debt relief program, which is expected to be announced in December 2023.
The Minister of Finance of Somalia, Biihi Imaan Ige, said that the Federal Government of Somalia has made significant progress in the reform of the financial system, which is vital for the life and economic development of the country. He also said that the Somali government is determined to strengthen its reform program for the financial system, which will enable it to access more financial resources and opportunities.
The World Bank’s representative in Somalia, Kristina Svensson, also spoke at the meeting and praised the Somali government for its progress in the domestic revenue and the reform of the financial system. She said that the World Bank is committed to supporting Somalia in its efforts to achieve economic stability and growth.
