International experts, led by Austin Albert and Mankolo, convened a pivotal meeting with Somaliland’s Minister of Finance, Hon. Abdillahi Hasan, to advance the Central Bank of Somaliland’s modernization program. The meeting, held in Hargeisa, included key figures such as Deputy Governor of the Central Bank, Hamse Abdirahman Khaire, and Fu’ad Bashir, Deputy Director of the Supervision Department.
The discussions centered on transformative reforms aimed at strengthening Somaliland’s financial infrastructure. Key priorities included the development of a National Payment System, enhancing coordination between monetary and fiscal policies, and building robust financial and economic institutions to support sustainable growth. These initiatives align with the scoping report authored by Austin Albert in 2022, which laid the groundwork for the Central Bank’s modernization efforts.
Deputy Governor Hamse Khaire praised the strong collaboration with the Ministry of Finance, noting, “The close relationship we have with the Ministry of Finance is indispensable—partly due to the Minister’s prior role as Director General of the Central Bank.” This synergy is seen as a cornerstone for driving the modernization agenda forward.
The experts’ visit marks a critical step in accelerating the second phase of planned reforms, which aim to enhance financial stability and promote economic growth in Somaliland. The team is expected to engage with additional stakeholders in the coming days to further refine and implement these initiatives.
This meeting underscores Somaliland’s commitment to modernizing its financial sector, fostering economic resilience, and aligning with the National Development Plan’s goals for sustainable development.