The 5th Meeting of Somalia’s debt relief program opens in Nairobi

Somalia minister of finance Elmi Mahamoud Nur during his visit to Nairobi opened the 5th conference for Somalia Debt relief program on friday. The minister Elmi Mahamoud who gave a brief speech at the opening of the conference said that the government of Somalia is determined to maintain the process of reforming the finance and economy of the country until the Completion Point of the Debt-Forgiveness.

During the conference,IMF & World Bank will Review how the ministry has implemented the conditions of the debt relief program including boosting internal revenue, management of general finance (PFM) and good governance system.

In 2022, The World Bank approved a $100 million grant to support the continuation of Somalia’s reform efforts to be eligible for full and irrevocable debt relief, and the government’s efforts to improve fiscal transparency and increase revenues, to enhance state stabilization agenda critical for stimulating inclusive economic growth by fostering trust and enhancing financial transparency between the federal government and member states.