Somali Finance Minister meets Somali diaspora in Washington

Somali minister for Finance, Abdirahman Duale Beileh on Friday held meeting with the Somali community in Washington.

During his speech at the meeting, the minister called on Somalis to work on the rebuilding of the country.
He urged the community to cooperate with the Somali government in improving the economy of the Horn of Africa nation.

“Somalis everywhere must work even harder together & with all partners to further contribute to national development,” said the minister.

During a separate meeting, the minister also discussed with officials from the World Bank and IMF over the country’s bid of debt relief.

Among other issues is the implementation of the IMF SMP Program on the road to debt relief saying they discussed Somalia’s economic reforms process.

For the last two years, the government led president Farmajo has been carrying out Initiatives to international lenders to help the nation in debt cancellation process.

The World and IMF have jointly commended Somali government for its commitment to improving the economy of the country which is recovering from decades-long civil war.

The Horn of Africa nation owes around $4bn, most of its interest and penalties on nearly three-decades-old loans.

Those arrears make it almost impossible for Mogadishu to access new funds from the International Monetary Fund or the International Development Association, the soft loan arm of the World Bank that has money earmarked specifically for fragile states like Somalia.