MOGADISHU (SD)-The Minister of Finance of Somalia, Mr. Bihi Iman Egeh, today participated in the annual Somalia Economic Update conference organized by the World Bank.

This year’s annual Somalia Economic Update focused on addressing the issues and challenges posed by climate change, which has affected Somalia in many ways.

Somalia’s Minister of Finance, Biixi Imaan Cige, who spoke at the conference where the Somalia Economic Update was presented, welcomed the report prepared by the World Bank on the development of Somalia’s economy.

The World Bank’s Somalia Economic Update report noted that domestic revenue growth increased by 3.7% this year and is forecasted to grow by 3.9% in 2025. Last year, in 2023, the report also indicated a 3.1% increase in revenue, while in 2022 it reached 2.4%.

The World Bank’s representative in Somalia, Kristina Svensson, also spoke at the conference, stating that the Government of Somalia has made progress in domestic revenue and reforming the country’s financial system.