Somalia Urges Stronger Revenue Reforms at World Bank Africa Meeting

GOOBJOOG NEWS | WASHINGTON: Finance Minister Bihi Iman Egeh has called for stronger domestic revenue mobilisation and public financial management reforms as Somalia seeks to stabilise its economy and expand development financing.

Egeh made the remarks during a plenary session chaired by World Bank President Ajay Banga at the World Bank Africa Group 1 Constituency meeting, held on the sidelines of the IMF-World Bank Spring Meetings in Washington, D.C.

The meeting brought together member countries of the Africa Group 1 Constituency, including Somalia, to review financing priorities and assess development support mechanisms across the continent.

In his address, Egeh stressed the need to strengthen tax collection systems, improve fiscal governance and enhance Somalia’s investment climate as part of broader efforts to manage economic pressures and support growth.

The appeal comes as Somalia continues to implement economic reforms under international financial programs, including debt relief-linked reforms supported by the World Bank and the International Monetary Fund, aimed at rebuilding fiscal institutions after decades of conflict.

The discussions also examined World Bank financing tools for Africa, with Somalia among countries benefiting from ongoing development projects focused on infrastructure, governance and institutional capacity building.

The meeting is part of annual consultations that align international financing with national development priorities across member states, as Somalia works to consolidate recent macroeconomic gains and attract private investment.