Tuesday, July 16, 2024

Somali PM Highlights Challenges Faced in Financial Sector Development at ADB Annual Meeting

The Prime Minister of Somalia, Hamza Abdi Barre, took center stage at the annual meeting of the African Development Bank held at the luxurious Sharm El Sheikh resort in Egypt on Tuesday.

During a panel discussion, the Prime Minister shed light on the arduous journey his government has undertaken to reorganize the financial sector and address pressing issues such as climate change.

In his impassioned speech, Prime Minister Hamza Abdi Barre stressed the significant challenges that countries recovering from conflicts, wars, and state-building processes face in catching up with global financial services and standards.

He emphasized that nations like Somalia, which have endured prolonged periods of chaos and instability, require targeted assistance and support to bridge the gap and align with international financial norms.

The Prime Minister outlined the strides made by his administration in reorganizing Somalia’s financial sector, with a focus on promoting economic growth and combating climate change.

He underscored the government’s dedication to implementing six key pillars to propel the nation forward on the path of progress and stability.

Addressing the audience of esteemed heads of state attending the conference, Prime Minister Hamza Abdi Barre conveyed the tangible progress achieved in Somalia’s economic and social spheres.

He emphasized the importance of financial stability, access to credit, and the establishment of robust financial systems as critical catalysts for sustainable development and integration into the global economy.

While acknowledging the challenges faced by Somalia and other nations on the road to recovery, the Prime Minister urged international partners to extend their support and cooperation.

He emphasized the necessity of collaborative efforts to overcome obstacles and foster sustainable economic growth in Somalia.

The Prime Minister’s presence and his insightful remarks at the African Development Bank annual meeting served to showcase Somalia’s achievements and underscore the importance of collective action in addressing the unique challenges faced by countries emerging from conflicts and striving for financial sector development.

With the support of international organizations and partners, Somalia aims to narrow the financial disparity and forge ahead on the path to economic prosperity, stability, and global integration.

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