Extraordinary Somalia
October 12, 2017
Abdirahman D. Beileh, Minister of Finance, Somalia
Somalia's Finance Minister, Abdirahman Beileh, a development economist and former director at the African Development Bank, spoke about progress and challenges in his country at a presentation hosted by the International Development program.
Beileh explained that after the 27-year absence of a central government, Somalia has been in a state of rebuilding for a long time and its new administration continues to face major challenges around security which are further complicated by the unique social structure in the country. Security is the top priority for both government and businesses, Beileh said. Major resources have been committed to ensure that insecurity reduces and terrorism is defeated.
On opportunities, Beileh stated that Somalia has huge investment potential for green energy and the abundance of human capital—the youth population, especially, can be leveraged by foreign businesses, he said. The government is trying to raise domestic finance to support the growth of small-scale businesses and is working toward reducing its cost of operations, he added.
In a bid to curb corruption, Beileh said that the Somali government has implemented anti-money laundering processes and established sound financial management systems. Conclusively, he stated that empowerment of Somali women and remittances from abroad are very critical to economic growth and social development in Somalia.