WASHINGTON — Somalia’s Finance Minister, Bihi Iman Igeh, has called for accelerated domestic revenue reforms and stronger fiscal management as the country navigates mounting economic pressures, during a high-level session at the World Bank Spring Meetings.
Speaking at a plenary session chaired by World Bank President Ajay Banga, Igeh outlined Somalia’s economic priorities, emphasizing the need to reduce reliance on external aid by enhancing internal revenue generation and modernizing tax systems.
The session, held under the World Bank’s Africa Group 1 Constituency framework, forms part of the annual meetings jointly organized by the World Bank and the International Monetary Fund — a key platform where policymakers assess development financing strategies and macroeconomic trends affecting African economies.
“Somalia is making progress, but significant challenges remain,” Igeh said, pointing to global economic headwinds, climate-related shocks, and ongoing security constraints that continue to strain the country’s fiscal space.
He stressed that strengthening public financial management systems is critical to ensuring transparency, improving budget efficiency, and building confidence among international partners and investors. Efforts to enhance governance and accountability, he noted, are central to Somalia’s broader economic reform agenda.
Somalia, which has in recent years benefited from increased grants and concessional financing from the World Bank, is seeing gradual implementation of development projects across sectors including infrastructure, social services, and institutional capacity-building, according to the minister.
Discussions at the session also focused on the World Bank’s financing mechanisms for African countries, with participants highlighting the need for more flexible and responsive funding models to address emerging crises and support long-term resilience.
Officials said the meeting underscored the importance of sustained collaboration between African governments and international financial institutions to maintain growth momentum and shield vulnerable economies from external shocks.
Somalia remains among the countries seeking to transition from fragility toward stability, with economic reforms seen as a cornerstone of that process.
