Nairobi (KAAB TV) – President Hassan Sheikh Mohamud, presenting at an African Development Bank gathering in Nairobi, emphasized Somalia’s significant development while confronting numerous hurdles such as security and climatic circumstances.
President Mohamud emphasised that Somalia has succeeded in restructuring the financial institutions necessary to forgive debts and increase domestic income. “Despite the difficulties, Somalia has made tremendous headway in overhauling its financial system. “These efforts have not only resulted in debt relief, but they have also significantly increased domestic revenue,” he stated.
Somalia’s President’s speech comes as the country is recovering from long-term turmoil and an economic catastrophe. He emphasised that financial management improvements have increased trust inInternational financial institutions include the World Bank, the International Monetary Fund (IMF), and the AfDB itself.
President Mohamud’s speech emphasised the Somali government’s and people’s resilience and desire to overcome challenges and establish a solid economic basis. He urged the African Development Bank and other foreign partners to continue supporting Somalia’s economic growth and stability.
The AfDB summit, which brings together leaders and stakeholders from around the continent, aims to reform Africa’s financial landscape and improve economic cooperation among member countries. President Mohamud’s involvement reflects Somalia’s commitment to regional and international partners as a means of improving its development prospects.