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Somalia’s Finance Minister, Biihi Iman Egeh, has been named the 2025 African Finance Minister of the Year by African Leadership Magazine. The award recognizes his outstanding leadership in helping Somalia achieve significant financial reforms, including securing major debt relief, increasing domestic revenue, and improving financial institutions.
Egeh received the award during the 15th Africa Leadership Summit held in London. He was praised for guiding Somalia to reach the final stage of the Heavily Indebted Poor Countries (HIPC) Initiative in December 2023. This achievement allowed Somalia to receive $4.5 billion in debt forgiveness from international creditors.
According to African Leadership Magazine, Egeh played a key role in rebuilding trust in Somalia’s financial system and creating a solid foundation for economic recovery and growth. The publication said his efforts have been critical in putting Somalia on a path to financial independence, macroeconomic stability, and long-term development.
Under Egeh’s direction, Somalia’s Ministry of Finance introduced several important reforms. These included the modernization of tax systems through digital platforms, stricter financial management policies, and improved transparency within government institutions. As a result, domestic revenue now finances a large portion of the country’s budget, reducing dependence on foreign donors.
One of Egeh’s biggest accomplishments was avoiding new foreign loans. Instead of adding to Somalia’s debt, he successfully negotiated grant-based support and strengthened partnerships with global financial institutions such as the IMF and World Bank. This approach helped stabilize the economy and build confidence among investors and development partners.
In his acceptance speech, Egeh thanked the Somali people for their resilience and support during the country’s recovery journey. He emphasized that the progress made was the result of collective efforts. He also pledged to continue promoting good governance, transparency, and regional economic partnerships.
“Strong institutions and sound financial discipline are the backbone of any nation that seeks to move forward,” Egeh said. “Somalia is committed to building a future where economic growth is inclusive and sustainable.”
Egeh’s recognition by African Leadership Magazine marks a proud moment for Somalia and highlights the country’s progress in transforming its financial sector. The award also serves as encouragement for continued reform and investment in Somalia’s economy as it moves toward a more stable and self-reliant future.