Tag: Finance

Senate finance committee engages banks and Central Bank to refine National Payment System Law

Somalia’s Finance Minister Bihi Imaan Egeh participated in a two-day international conference in Nairobi, organized by the Somali Development and Reconstruction Bank. The event focused on accelerating economic growth, strengthening collaboration with international financial institutions, and leveraging past reforms to promote sustainable development. Minister Bihi also highlighted the transparent formation of the Higher Committee of the Development Bank and thanked global partners for their ongoing support in Somalia’s recovery.

In recent years, the Federal Government of Somalia, with international partners, has made meaningful progress in establishing a modern financial regulatory framework. New legislation has established the framework for anti–money laundering efforts and measures to combat the financing of illicit activities, while also encouraging modernization across the industry. For financial institutions in the country, these reforms present both challenges and opportunities: stricter compliance requirements demand investment in systems and processes, yet they also offer the chance to strengthen trust, expand services, and integrate more fully with the global financial community.

Somalia’s Finance Minister Bihi Imaan Egeh warns that only three percent of the country’s economy is currently taxed, highlighting the need for federalized taxation

The Ministry of Finance and Economic Development of Somaliland, led by Director General Mohamed Hasan Saleebaan, met with a World Bank delegation to discuss strategies for accelerating ongoing projects and planning new initiatives, aiming to strengthen economic development and improve project outcomes.