Monday May 12, 2025
Nairobi (HOL) – A high-level meeting between the Federal Government of Somalia and key international financial institutions, including the International Monetary Fund (IMF), kicked off Monday in Nairobi, Kenya.
The four-day summit aims to advance Somalia’s ongoing economic reform agenda and identify strategic investment opportunities across the country’s productive sectors.
The Somali delegation is led by Minister of Finance Bihi Iman Egeh and includes senior officials from the Offices of the President and Prime Minister, as well as representatives from the Ministries of Finance, Planning, Petroleum, the Central Bank, the Financial Reporting Centre, the National Bureau of Statistics, and the Office of the Accountant General.
According to the Ministry of Finance, the conference will assess Somalia’s progress since securing multilateral debt relief and will chart a forward-looking strategy for sustainable economic growth, with particular focus on financing critical national development projects.
Minister Bihi underscored the government’s commitment to fiscal discipline and the modernization of revenue collection systems, asserting that Somalia is on a promising path toward financial stability and economic independence.
“Somalia’s progress on fiscal reform is tangible, and our determination to build a resilient and self-sufficient economy remains steadfast,” said Minister Bihi.
Somalia achieved a significant milestone in December 2023 when it qualified for multilateral debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative. The move resulted in the cancellation of approximately $4.5 billion in external debt, marking a crucial step in Somalia’s reintegration into the global financial system and boosting investor confidence.