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Finance Minister meets with UN head James Swan in Mogadishu
Somali News

Finance Minister meets with UN head James Swan in Mogadishu

Finance Minister, Dr Abdirahman Beileh has held talks in Mogadishu with United Nations Special Representative James Swan. Minister Beileh, discussed a raft of issues ranging from economic progress, debt relief and budget requirements and financing of the ongoing parliamentary elections. ''Yesterday I met with United Nations Secretary-General Special Representative to Somalia James Swan. We discussed the ongoing economic reforms & election financing. United Nations in Somalia is a key partner in our national development.'' The United Nations in Somalia in a brief statement said UN Special Representative James Swan was pleased to meet this weekend with Somalia's Finance Minister Dr Beileh to discuss a range of issues. ''James Swan was pleased to meet this weekend with Somalia's Finance Minister to discuss a range' related to the country's economic progress, including debt relief and government budget requirements, and election financing,''  The International Monetary Fund (IMF) and the World Bank's International Development Association have determined that Somalia has taken the necessary steps to begin receiving debt relief under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. Somalia is the 37th country to reach this milestone, known as the HIPC Decision Point. Debt relief will help Somalia make lasting change for its people by allowing its debt to be irrevocably reduced from US$5.2 billion at end-2018 to US$557 million in net present value terms (NPV) once it reaches the HIPC Completion Point in about three years’ time. As Somalia continues on its path towards stability and development after 30 years outside the international financial system, the immediate normalization of its relations with the international community will re-open access to critical additional financial resources to strengthen the economy, help improve social conditions, raise millions out of poverty, and generate sustainable employment for Somalis.

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