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Somalia has launched high-level discussions with the International Monetary Fund (IMF) and key global financial institutions in Nairobi, aiming to accelerate its economic reform agenda and attract strategic investments. The four-day summit, which began on May 12, 2025, brings together senior Somali government officials and international partners to assess the country’s financial progress and outline a roadmap for sustainable development.
Leading Somalia’s delegation is Finance Minister Biixi Imaan Cige, accompanied by representatives from the Offices of the President and Prime Minister, as well as the Ministries of Finance, Planning, Petroleum, the Central Bank, the Financial Reporting Centre, the National Bureau of Statistics, and the Office of the Accountant General. The discussions will focus on Somalia’s fiscal discipline, modernization of revenue collection systems, and financing critical national development projects.
Somalia’s economic reform efforts gained momentum after securing multilateral debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative in December 2023. The move resulted in the cancellation of approximately $4.5 billion in external debt, marking a crucial step in Somalia’s reintegration into the global financial system and boosting investor confidence. Minister Biixi emphasized that Somalia is committed to building a resilient and self-sufficient economy, stating, “Our progress on fiscal reform is tangible, and our determination to achieve financial stability remains steadfast.”
The Nairobi summit will also explore investment opportunities across Somalia’s productive sectors, including energy, agriculture, and infrastructure. Global financial institutions have expressed interest in supporting Somalia’s development initiatives, with discussions centered on funding mechanisms and policy frameworks to enhance economic growth.
Despite Somalia’s progress, challenges remain, including the need for stronger financial governance, improved public financial management, and enhanced transparency in economic policies. The Somali government has pledged to implement reforms that will strengthen investor confidence and create a more stable economic environment.
As the summit continues, the focus remains on securing long-term financial stability and fostering international partnerships that will drive Somalia’s economic transformation. The outcomes of these discussions will be critical in shaping Somalia’s future economic trajectory and ensuring sustainable development.