His Excellency the President of the Republic, Mr. Muhammad Abdullah Vermajo, praised the achievements made by the federal government in reforming the country’s financial system and the success in the steps aimed at lifting the debt burden on Somalia.
His Excellency also welcomed the unprecedented level of partnership and cooperation between the Somali government and the global financial bodies represented by the World Bank, the International Monetary Fund and the African Development Bank.
His Excellency President Mohamed Abdullah Farmajo indicated that the government is committed to continuing the economic development efforts of the country, and that it has completed the project of joining the International Investment Guarantee Authority, which is another step that strengthens the confidence of international investors and guarantees them the safety of their investments in the country.
“After this historic decision, Somalia will have an opportunity to re-engage with global financial institutions. The restoration of these relations came after the restructuring of Somalia’s national financial system over the past three years.”
He thanked His Excellency the countries and organizations that stood with Somalia – the government and the people – in this long journey, devoting mention to Norway, the United Kingdom, Italy, Qatar, the European Union, and all international and regional organizations supporting Somalia to raise the long-term debt burden that burdened our economy.
“This achievement was achieved after achieving fruitful cooperation and communication between government bodies in addition to strengthening the political stability of the country in the past three years.”
His Excellency also commended His Excellency Prime Minister Hassan Ali Khairi and Minister of Finance Abdul Rahman Dali Billah, Presidents and Members of Parliament, Presidents of States and the general Somali people for their support and keenness in making the comprehensive plans for restructuring and reforming the economic system successful.