Somalia Seeks Support on Drought, Economic Reforms at IMF-World Bank Meetings

GOOBJOOG NEWS | WASHINGTON: The federal government of Somalia’s finance minister, Bihi Iman Egeh, has said global lenders and partners reaffirmed support for the country’s economic reforms and drought response during the Spring Meetings of the International Monetary Fund and World Bank in Washington.

Egeh said discussions at the high-level gathering focused on the economic fallout from ongoing conflicts in the Middle East and their spillover effects on fragile economies, including Somalia, which relies heavily on imports and external financing.

On the sidelines of the meetings, the minister held talks with senior officials from the IMF and the World Bank on addressing the impact of prolonged drought and easing mounting economic pressures linked to global instability.

Somalia received recognition from international partners for progress in economic recovery, anti-corruption efforts and strengthening public financial management systems, Egeh said, adding that such reforms were key to stabilising the country’s economy.

He said donors pledged continued support for humanitarian assistance, particularly for drought-affected communities, as well as for infrastructure development projects aimed at boosting long-term growth.

The Spring Meetings, co-hosted annually by the IMF and the World Bank and chaired this year by World Bank President Ajay Banga, bring together policymakers to address global economic challenges.

Somalia’s participation reflects its re-engagement with international financial institutions following debt relief secured in late 2023 under the Heavily Indebted Poor Countries (HIPC) initiative, which paved the way for increased access to concessional financing.

Despite progress, the Somalia nation remains vulnerable to climate shocks, including recurrent droughts and floods, while also facing rising food prices and external pressures linked to global economic uncertainty.