Somali Minister for Finance, Abdirahman Duale Beileh on Saturday hold meeting with officials from World Bank in Mogadishu.
The delegates from World Bank who arrived Mogadishu today have discussed wide range issues on Somalia’s financial sector with the minister.
Minister Beileh said he held talks with the delegates on the progress achieved by his minister.
He pointed out that he shared new plans to introduce Identification Initiative with the officials from the World Bank.
“Welcomed @WorldBank a high-level delegation to discuss progress in Financial Sector and future priorities including legal and regulatory reforms, digital ID initiative to address financial integrity standards,” said Beileh on Twitter post.
The meeting is a follow up to last month’s meeting which took place in Washington.
The minister confirmed that the billions of Somalia’s debt will be remitted as from next year.
“We have fulfilled the first and second conditions by IMF. In May 2019, we expect Somalia’s remission to take place,” he said.
Somalia has succeeded to fulfill $42 million income target set by IMF late last year following years of economic setbacks caused by lack of transparency and mismanagement of Public funds.
Early this month, Beileh said his ministry marvelously succeeded to collect the highest revenues in a single quarter of a year for the first time since the fall of Somali central government two decades ago.
The ministry raised $42 million USD in domestic revenues following successful efforts to increase the sales taxes and other income revenues.
Last year, International Monetary fund praised the government’s commitment to carry out fiscal reforms saying the country’s latest budget met IMF terms.
The agency launched staff-monitored programme and adherence to the agency’s fiscal framework which opens doors to grants and concessional funding from International financial institutions, thanks to the competence of the finance ministry.
The country’s last year budget approved by the parliament was standing at $274 million USD, the highest since Somalia adopted federalism.
Under tight scrutiny, the country is recovering slowly from two decades old civil war, plans to pay the external debt of about $5.2 billion, according to IMF.
Somalia has not made a service or amortization payment since the 1990s.
According to the ministry of Finance, Somalia would be holding discussions with IMF officials on the ongoing process of printing new currency for Somalia on 7th of this month.
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