Somali Minister call on private sectors to take part in enhancing economy

Somali Minister for Finance, Abdirahman Duale Beileh has called on the private sector in the country to enhance their productivity.

Speaking at a meeting organised by Taaj Money Transfer Service, the minister emphasised the importance of further strengthening the country’s economy.

“I spoke of the importance of further strengthening financial governance to ensure we connect Somalia’s vibrant financial sector to the global financial system,” he said.

In recent years, the Somali government has been trying to encouraging the private sectors to increase and expand their production in order to take part in the rebuilding process of the country.

Following discussions with the sectors, tax agreements have been reached with airlines and telecom companies, giving the government more revenue.

Since last year, Somalia has been struggling to win the confidence of the International Community to secure lucrative benefits such as debt relief worth $4.6 billion owed to the World Bank, Internationally Monetary Fund and others.

The government launched a tax collection campaign as part of efforts to secure millions of dollars in domestic revenues to subsidised its donor-supported budget.

Somalia has not made a service or amortization payment since civil war broke out more than 25 years ago.