MOGADISHU, (HAN) – The Federal Government of Somalia has announced it urgently requires an additional $40 million to move forward with its plan to introduce new Somali Shilling banknotes, a project it says is crucial for stabilizing the national economy.
Prime Minister Hamza Abdi Barre confirmed that the initiative will cost an estimated $70 million to complete. So far, the government has secured $30 million in external aid, though officials have not disclosed the donors or the source of the funding.
“The country urgently needs to modernize its currency system. Although we have already secured $30 million in support, we still face a shortfall of $40 million, which has delayed progress on this priority project,” Hamza stated.
He emphasized that the government is seeking financial assistance that does not burden the nation with additional debt. “To print new currency, we need $70 million. We have received $30 million in aid, but $40 million is still missing. We are engaging in promising talks with the government of Kuwait, and we hope they will step in to support us,” he added.
Somali officials view negotiations with Kuwait as the most immediate opportunity to bridge the financial gap. They believe potential backing from Kuwait could allow the project to advance without the need for loans or new debt agreements.
