Somali Finance Minister Bihi Iman Egeh (center, right) spearheads a high-stakes dialogue at a major financial reform and economic development summit in Istanbul, Turkey. Key figures from Somali ministries and global partners are in attendance.
Mogadishu (AX) — Wrapping up on Wednesday, a pivotal four-day conference focused on Somalia’s financial overhaul and economic strides took place in Istanbul, Turkey. This gathering marked the second review of Somalia’s Financial Reform and Economic Development Program, which enjoys backing from the International Monetary Fund (IMF).
The conference spotlighted the Somali government’s zealous drive to enhance financial and economic frameworks over the next three years. Participants deliberated on milestones achieved in talks with the IMF and mapped out strategies for sustained economic prosperity.
Attendees comprised high-ranking officials from various Somali ministries—Finance, Planning, Petroleum, and Justice—as well as representatives from crucial institutions like the Central Bank of Somalia and the Office of the Auditor General. Economic advisors from the Prime Minister’s and President’s offices also joined the fray.
Among the key victories highlighted were a notable surge in government revenue, attributed to cutting-edge tax collection systems and tighter control over public expenditure. The Ministry of Finance confirmed that these reforms are integral to Somalia’s relentless bid to bolster its financial infrastructure.
In his address during the event’s closing ceremony, Finance Minister Bihi Iman Egeh remarked that the Somali government has earned acclaim for its National Transformation Plan, which is nearing fruition and is poised to catalyze further economic advancement. He stressed the pivotal role of public cooperation in tax compliance and backing government initiatives in driving the nation’s economic ascent.
