ADDIS ABABA, Ethiopia – The Minister of Finance, Bihi Iman Cige participated in the 18th meeting of the Ministers of Finance in the Horn of Africa which kicked off in Addis Ababa.
The ministers discussed economic development and cooperation in the financial fields with the implementation of plans for free trade across the borders of East African nations.
Somalia’s participation is key for investment and economic prospects in the Horn countries, the Minister of Finance stated in his keynote speech at the ministerial meeting in Ethiopia.
“Today I participated in the Horn of Africa Initiative ministerial meeting in Addis Ababa. We discussed the importance of investment in borderland communities and the private sector’s role in financing cross-border projects,” said Minister Bihi.
Somalia is key to regional integration, trade, and investment, he added.
The Minister of Finance of Ethiopia, Ahmed Shide, who is the Chairman of this year’s Horn of Africa initiative, praised Somalia’s government for its milestone in the debt relief efforts.
Somalia will be eligible for full debt relief from the International Monetary Fund (IMF) and other multilateral lenders by the end of this year as reforms to boost revenue collection and fiscal transparency begin to bear fruit, the lender has said.
The country reached the decision point for IMF debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative in March 2020, which saw its debt stock reduce to $3.7 billion from the $5.2 billion it had accumulated by December 2018.
