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Abdirashid M. Hashi

@MrDuqa168,407 subscribers

Spokesperson for Nabad iyo Nolol Party | Secretary, Office of the 9th President of the Federal Republic of Somalia H.E. Mohamed Abdullahi @M_Farmaajo

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I welcome the World Bank and IMF press release on Somalia reaching the HIPC Completion Point and thereby qualifying for debt relief today. I congratulate the Somali people on the successful implementation of the ECF reform program without failing once. This success was a cross government effort spread over three Somali administrations. I am very proud that as president from February 2017 to May 2023, the majority of the benchmarks to achieve the Completion Point were met. These include raising domestic revenue, paying salaries monthly without fail, implementing the Public Financial Management law, improving procurement law, and renegotiating many contracts that were against Somalia's financial interests. This got us to the important Decision Point in 2020 that paved the way for the final completion Point today. As we look forward, it is important that: 1. Future debt contracting is a national exercise and decision with strong parliamentary oversight. We must only borrow for nationally agreed investment and not government operational costs. 2. Public investment management is strengthened so that the Somali people get value for money in their public investments. Every investment in Somalia must be done with the public interest at its core. Procurement and concessions must be done transparently and in accordance with the existing laws. Oil and gas remain Somalia's main future assets, and concessions in these areas have to be given special attention. 3. International partners need to continue supporting the economic reforms and capacity building of Somali financial and economic institutions. Somalia remains very fragile despite the economic reform changes. The government must seek development investments and policy changes that can respond to the Somali people's needs. H.E. Mohamed Abdullahi Mohamed Farmaajo Former President of the Federal Republic of Somalia

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