By M. A. Egge
The government has reiterated its priority in remaining committed to maintaining economic and social stability in the wake of the disrupted power of purchase owing to the Persian Gulf conflict.
The state is closely monitoring the economic situation that has put the local currency under duress to high rises of marine transport insurance, hiked prices of petroleum products and generally imported merchandize.
The said issues occupied most of this week’s cabinet meeting.
The 60th session of the Council of Ministers of the Republic of Somaliland, chaired by President Abdirahman Mohamed Abdullahi Irro, was held at the Presidential Palace as usual.
It addressed key issues related to the national economy, public health, and the impact of the Middle East conflict on rising prices of essential goods, fuel, and currency exchange rates.
National Economic Situation
The state minister for Finance and Economic Development briefed the Council on the economic impact of the Middle East conflicts, particularly the rise in fuel prices, essential commodities, and fluctuations in currency exchange markets.
He also proposed strengthening national self-reliance, with the government leading efforts to boost domestic production in agriculture, livestock, fisheries, and industry.
Public Health Situation
The Minister of Health Development reported cases of measles in the country, noting that the Ministry is closely monitoring the situation.
He also stressed the importance of proper waste and sewage management, urging local governments and relevant institutions to handle sanitation carefully to prevent public health risks.
Impact of Middle East Conflict
The Deputy Minister of Trade and Tourism initiated discussions on the economic pressures caused by rising fuel costs, increased import expenses, higher maritime insurance, and disruptions in global markets, all of which have reduced the purchasing power of citizens.
The Council also reviewed currency exchange fluctuations, particularly their effect on the stability of the Somaliland Shilling.
The cabinet agreed on coordinated measures to control inflation, stabilize exchange rates, and promote domestic production, alongside increased market oversight to prevent price manipulation of fuel and essential goods.
The Council of Ministers reassured the public that the government is closely monitoring the situation and remains committed to maintaining economic and social stability.