Somali Prime Minister Hamsa Abdi Barre lauded the nation’s transformation towards a “strong, modern and reliable” financial system.
This transformation, he noted, has paved the way for the forgiveness of Somalia’s debt and the lifting of the arms embargo, allowing the country to integrate with regional markets.
“The process of the country’s financial system brought together all the processes that were going through the construction of the country’s institutions for reconstruction, which shows us that we have matured and the debt has been forgiven, the ban on arms has been removed, and we have joined the regional markets,” explained the Prime Minister.
Addressing an audience at an event showcasing the achievements of Somalia’s financial management, PM Barre underscored that this success did not come without great effort and patience from the Somali people.
“I want to underline that the Somali people know that this process did not come for free and that they have been waiting for many nights, so that this success can be confirmed,” he added.
The Prime Minister also praised the Ministry of Finance and the team of experts who have diligently worked on this process over the past decade, from 2013 to 2023. Finance Minister Hamsa Abdi Barre expressed gratitude for their dedication, stating that their efforts were the “backbone of the financial achievements realized.”
Looking ahead, the Prime Minister urged the Ministry of Finance and other agencies working with the government to further strengthen their efforts and leverage Somalia’s newfound financial reliability.
He emphasized that all ongoing projects should now be channelled through the government’s financial system, which he believes can stand up to any in the region.
This landmark event highlights Somalia’s remarkable financial turnaround, from debt forgiveness to regional integration, marking a significant milestone in the country’s journey towards economic stability and prosperity.