10/5/2024
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Somalia advances financial reforms with IMF support at Turkey conference


Thursday September 26, 2024

 

Somali Finance Minister Bihi Iman Egeh (center, right) leads discussions at the high-level financial reform and economic development conference in Istanbul, Turkey, with key representatives from Somali ministries and international partners.

Mogadishu (HOL) — A four-day conference on Somalia's financial reform and economic development concluded Wednesday in Istanbul, Turkey. The event marked the second review of Somalia's Financial Reform and Economic Development Program, backed by the International Monetary Fund (IMF).

The conference highlighted the Somali government's commitment to advancing financial and economic reforms over the next three years. Officials discussed progress made in negotiations with the IMF and plans for further economic growth and development.

The conference was attended by officials from various Somali ministries, including Finance, Planning, Petroleum, and Justice, as well as representatives from the Central Bank of Somalia, the Office of the Auditor General, and other critical financial institutions. Economic advisors from the offices of the Prime Minister and the President were also present.

Key achievements discussed included a significant increase in government revenue, driven by the modernization of tax collection systems and stricter management of public spending. According to a statement from the Ministry of Finance,  these reforms are part of Somalia's ongoing efforts to strengthen its financial infrastructure.

Somalia's Finance Minister, Bihi Iman Egeh, who spoke at the event's closing ceremony, noted that the Somali government had been praised for its National Transformation Plan, which is nearing completion and expected to drive further economic progress. He emphasized that public cooperation in tax compliance and support for government initiatives have been crucial to the country's economic progress.



 



 





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