The Ministry of Finance convened a critical meeting to advance Somaliland’s economic development, attended by members of the Council of Ministers and the Governor of the Central Bank. Chaired by the Minister of Finance and Economic Development, Mr. Abdillahi Hassan Aden, the meeting included fourteen Council members and the Director General of the Ministry, Mr. Mohamed Hassan Saleban. This session, part of a series following a similar meeting on February 16, 2025, reviewed progress on prior decisions, with technical committees presenting updates and discussions focusing on government priorities and stakeholder engagement in economic sectors.
Minister Aden outlined the meeting’s objectives, stating, “Today, we have gathered to analyze and discuss the plan prepared by the technical committees of the ministries related to the economy. We will also approve the work schedule of the high-level committee and their meeting timelines to ensure we move forward.”
The meeting concluded with the following resolutions to drive economic progress:
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Enhance policies, regulations, studies, and strategies for agriculture, fisheries, tourism, and mining sectors, aligning with the third national development plan.
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Secure affordable energy to support economic development.
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Modernize air transport services and airport infrastructure in Somaliland.
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Streamline banking operations and credit access to boost trade and job creation.
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Facilitate domestic and foreign investment to stimulate economic growth and attract international investors.
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Promote domestic production by replacing imported basic goods with locally made products.
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Simplify trade and goods movement to neighboring countries, ensuring Somaliland’s port competes regionally to increase trade revenue.
Under President Dr. Abdirahman Mohamed Abdullahi (Cirro), the Ministry of Finance has expanded its role to include Economic Development. Senior officials have launched initiatives to accelerate economic priorities, establishing ministerial-level committees to engage stakeholders, holding preparatory meetings, setting work plans, appointing interdisciplinary technical committees, and agreeing on a time-bound schedule for critical tasks.
In conclusion, these efforts underscore the urgent need to organize and accelerate Somaliland’s economy through effective policies. The meeting’s outcomes aim to enhance domestic production and address pressing challenges such as inflation, food scarcity, poverty, and youth unemployment.