MOGADISHU, Oct. 15, (Xinhua/GNA) — Somalia on Monday started a two-day conference in Mogadishu, the national capital, to seek ways of sustaining its economic transformation.
The Seventh National Economic Policy Forum, which was opened by Prime Minister Hamza Abdi Barre, aimed at debating and promoting the country’s economic development and investment opportunities within various sectors.
In his opening remarks, Barre emphasized the need to invest in the skills and quality of the Somali people to build a resilient economy, noting that Somalia faces challenges that hinder growth, yet, the country still has immense untapped potential. “We must strive for not just political freedom, but also economic and financial independence. True freedom comes when we can stand on our own economically. As long as we are financially dependent, we are not truly free,” Barre said.
The forum, organized by the National Economic Council (NEC) which is responsible for providing advisory services on economic matters, will see participants explore post-debt relief priorities, including public financial management, debt sustainability, and leveraging debt relief to boost fiscal responsibility and growth.”We stand on the brink of engaging in critical discussions aimed at driving economic growth and unlocking investment opportunities across various sectors,” Barre said.
The conference, with the theme of “Somalia’s development nexus; economy, governance and social development,” also seeks to address key aspects of Somalia’s growth prospects, including post-heavily indebted poor countries (HIPC) initiative, economic strategies, agricultural advancements, food security, the benefits of a blue economy, and ensuring inclusive growth with a particular emphasis on women’s empowerment.
Abdirahman M. Abdullahi, governor of the Central Bank of Somalia, highlighted efforts to modernize the economic sector, improve policies, and build trust to attract investment and boost economic resilience.
Participants will discuss the development pathways, probable scenarios, and strategies for intervention to ensure long-term inclusive governance, human capital investment, economic diversification, and strategies for sustainable development. According to the World Bank, Somalia has made significant macroeconomic strides in recent years, but these gains have yet to translate into poverty reduction, with over half of the population still living below the national poverty lines.
The lender said in its report published in September that sustained economic growth and stability are priorities for Somalia to facilitate a conducive environment for poverty reduction.
GNA