Somalia Showcases Economic Turnaround as Government Unveils First Annual Financial Report

GOOBJOOG NEWS | MOGADISHU: Somalia has highlighted major strides in economic recovery and fiscal reform with the launch of its first-ever Annual Financial Development Report, a milestone officials say reflects the Federal Government’s success in stabilizing and rebuilding the country’s financial system.

Deputy Prime Minister Salah Ahmed Jama officially unveiled the 2024 report in Mogadishu, describing it as a comprehensive reflection of the government’s efforts to boost domestic revenue, enhance public financial management, and build investor confidence.

“This report is not just a document, it’s a testament to how far Somalia has come in restoring its economic foundations,” said Finance Minister Bihi Imaan Ege at the launch. He credited intergovernmental cooperation, particularly with Parliament, for supporting crucial reforms.

The 2024 report outlines robust improvements in revenue collection, tighter expenditure controls, and increased fiscal transparency. Officials noted progress in digitizing public finance systems, reducing dependence on external aid, and strengthening budget execution.

The Federal Government also emphasized its commitment to long-term sustainability through enhanced accountability and greater public access to economic data. For the first time, the report has been made available as a public document, signaling a new era of openness in Somalia’s financial governance.

International partners have welcomed the development as a positive signal for Somalia’s credibility in the global economic arena. Analysts say the country is beginning to reap the benefits of structural reforms, even as challenges remain.

The report marks a turning point for Somalia’s economic trajectory, reinforcing the government’s determination to lead the nation toward stability, self-reliance, and growth.