Nairobi, Kenya – A significant quarterly meeting between financial institutions of the Federal Government of Somalia and the International Monetary Fund (IMF) concluded today in Nairobi. These meetings, held every three months, focus on critical aspects of Somalia’s economic development, primarily concerning financial reforms and strategies for financing valuable investment projects, particularly in the production sector.
The Somali delegation at the meeting was led by the Minister of Finance, Mr. Bihi Imaan Ige, and comprised representatives from key government offices including the Presidency, the Prime Minister’s Office, the Ministries of Finance, Planning, and Petroleum, as well as the Central Bank, the Financial Reporting Authority, the National Statistics Authority, and the Office of the Auditor General.
Speaking at the conclusion of the meeting, Somalia’s Minister of Finance, Mr. Bihi Imaan Ige, emphasized the government’s strong commitment to securing financing for the utilization of the country’s resources. He also affirmed the government’s plans to implement comprehensive financial reforms and modernize the revenue collection process to enhance domestic revenue generation.
This regular quarterly meeting serves as a crucial platform to review the progress and development of Somalia’s financial management system, particularly in light of the debt forgiveness process that was previously announced. The discussions are expected to pave the way for continued collaboration between Somalia and the IMF in strengthening the nation’s economic foundations.
