Minister of Finance Highlights Somalia’s Financial Reform Progress and Debt Forgiveness Commitment

Mogadishu – The Minister of Finance of the Federal Government of Somalia, Bihi Iman Egeh, held a press conference in Mogadishu, providing an update on the government’s efforts in reforming the country’s finances and achieving economic stability. 

Minister Egeh outlined significant progress made in increasing domestic income and implementing financial reforms to strengthen the overall financial system.

During the conference, Minister Egeh highlighted the substantial advancements made by the Ministry of Finance over the past four months. Efforts to enhance domestic revenue generation, reform financial regulations, strengthen the administration of finance, and leverage modern technology in tax collection were some of the key areas of focus.

“In the first four months of 2022, the government’s revenue stood at $73 million. In the corresponding period of 2023, it increased to $89 million. In the current year, the government’s revenue has already reached $116 million. Comparing the last two years, we have witnessed a remarkable increase of $27 million in domestic revenue,” the Minister stated.

Minister Bihi further noted that the government’s income has experienced a growth rate of 30% this year, demonstrating the positive trajectory of Somalia’s financial landscape. The Minister attributed this progress to the implementation of effective tax collection processes, which has significantly contributed to the rise in domestic revenue.

Addressing the issue of Debt Forgiveness, Minister Egeh discussed the ongoing process and reiterated the government’s commitment to achieving success in this endeavor. He emphasized that the recent progress in domestic revenue generation has been a significant achievement, demonstrating Somalia’s dedication to meeting the requirements for Debt Forgiveness. 

The Minister expressed gratitude for the cooperation and support of international financial institutions, stating that their confidence in Somalia’s potential for success in the Debt Forgiveness program is of paramount importance.

Minister Bihi concluded by expressing optimism for the future, emphasizing that the government’s continued commitment to financial reforms and sustainable economic growth would pave the way for greater prosperity and stability in Somalia. 

He reiterated the government’s determination to work collaboratively with international partners to achieve the shared goal of a financially resilient and sustainable Somalia.