Monday December 23, 2019
MOGADISHU (HOL) - Somalia unveiled its 9th National Development Plan Monday marking an important milestone in the country’s recovery process and quest for debt relief which has been cited as burdensome and hindrance to progress.
President Mohamed Farmaajo unveiled the Plan Monday in Mogadishu hinged on four pillars namely Security and Politics, Economic Development, Environment and Social Development.
Speaking during the event attended by cabinet ministers and other senior government officials, Farmaajo commented the team which has been working on the document noting the plan will be instrumental in providing the roadmap for the country’s development process.“It is commendable that we present a development plan developed by Somali professionals and experts that forms the basis of the national plan for the next five years. It important that we tackle the recurring problems that have plagued our economy and production,” Farmaajo said.
The plan which covers the year 2020 to 2024 zeroes in on poverty alleviation, infrastructure development, development of public institutions, implementation of inclusive political system, strengthening rule of law and justice and bolstering security for the country.
The launch of the plan is also a key step in Somalia’s debt relief process. Under the Highly Indebted Poor Countries (HIPC) initiative on debt relief developed by the IMF and World Bank, countries seeking debt relief can use National Development Plans as Interim Poverty Reduction Strategy Papers (i-PRSP).
This is instrumental as Somalia inches closer to the decision point under the HIPC process expected early next year.