By Dawan Africa - Reporter
Mogadishu(Mogadishu24)-Prime Minister Hamza Abdi Barre officially inaugurated the 7th National Economic Policy Forum today, a significant event aimed at fostering discussions on Somalia’s economic development and investment opportunities.
Held under the theme “Somalia’s Development Nexus: Economy, Governance, and Social Development,”the forum gathers experts, policymakers, and stakeholders to chart a path toward the country’s sustainable growth.
In his opening remarks, Prime Minister Barre underscored the importance of the forum in driving economic transformation across various sectors.
He highlighted the need to create a roadmap for Somalia’s future that prioritizes inclusive growth, especially focusing on empowering women and marginalized communities. The forum comes at a critical juncture for Somalia, following the recent approval of a $1.34 billion national budget for 2025.
The approved budget represents a 24.4% increase over the 2024 allocation, which stood at $1.08 billion. The additional $263 million will be directed toward strengthening internal revenue collection, a key pillar of the government's strategy to improve security, enhance social services, and invest in infrastructure.
The Ministry of Finance outlined these goals when presenting the budget to the Cabinet, emphasizing the need for efficient revenue collection, including value-added taxes, to fund essential public services despite ongoing challenges.
One of the central topics of the forum will be the development of post-HIPC (Heavily Indebted Poor Countries) economic strategies.
Somalia successfully completed the HIPC initiative in recent years, and now seeks to build on this progress by implementing policies that promote agricultural advancements, food security, and the growth of the blue economy—an area that taps into the country’s vast maritime resources.
Participants will also explore how governance reforms and social development programs can be harmonized with economic initiatives to ensure sustainable growth. Special attention will be given to strategies that drive women’s empowerment, a key factor in Somalia’s long-term development prospects.
The forum marks a major milestone in Somalia’s efforts to rebuild its economy, with Prime Minister Barre emphasizing that it serves as a pivotal platform for collaboration, policy formulation, and investment promotion.
The outcomes of this forum will be crucial in shaping the nation’s economic agenda and strengthening its position in the region.
