IMF to Boost Somalia’s Economic Growth Efforts

GOOBJOOG NEWS | RIYADH: The International Monetary Fund (IMF) has announced plans to enhance its support for Somalia’s economic development and investment in the country’s natural resources.
The announcement was made during a high-level meeting between IMF officials and Somali representatives in Riyadh, Saudi Arabia. The meeting also aims to assess Somalia’s progress following the $4.5 billion debt relief granted under the Heavily Indebted Poor Countries (HIPC) Initiative in December 2023.
Discussions are centered on modernizing Somalia’s financial infrastructure and implementing development projects to achieve long-term economic self-sufficiency.
In his opening remarks, Somalia’s Finance Minister, Bihi Iman Egeh, highlighted the federal government’s efforts to reform the country’s financial system and diversify revenue streams.
“Our current trajectory is positive, and we are on the right track to achieving sustainable financial development,” Egeh stated. He reaffirmed the Somali government’s commitment to transparency and accountability and acknowledged the technical and financial support provided by the IMF and the World Bank.
Minister Egeh expressed gratitude to the IMF for its continued cooperation in strengthening Somalia’s financial sector and supporting key development initiatives.
The IMF will analyze the impact of past reforms and develop new strategies to boost investment in productive sectors, further advancing Somalia’s economic growth agenda.