Somali Finance Minister attends historic African Development Bank Governors meeting -UM

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(UM) – Somali Finance Minister Dr. Abdirahman Beileh attended the first African Development Bank East African Governors meeting in Abidjan, Ivory Coast, today.

The meeting is the first of its kind and has been initiated by the Banks President Akinwumi Adesina to bring the Bank closer to its members and customers.

In his statement to the meeting Dr. Beileh presented Somalia’s fiscal and economic progress and remaining challenges. Dr. Beileh thanked the African Development Bank for its projects in Somalia but urged the Bank to do more. Minister Beileh argued that, given Somalia’s successes with the fiscal and economic reforms under the IMF Staff Monitored Program, the African Development Bank to take more risks and investment more extensively. He also encouraged the Bank to play a leading role in the Somali debt relief efforts as the African continents premiere financing institution. At present, because of Somalia’s arrears, the Government cannot borrow to invest and only wislifies for small grants.

Currently the African Development Bank supports capacity building at the Ministry of Finance and is raising money for the Jowhar to Mogadishu road.

In his closing, Dr. Adesina reiterated the Banks commitment to supporting Somalia.

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