WASHINGTON, September 16, 2022 – Today, World Bank Group President David Malpass met with President Hassan Sheikh Mohamud of Somalia.
President Malpass reaffirmed to President Mohamud the World Bank Group’s (WBG) support to Somalia’s response to ongoing drought and humanitarian crises through reprogramming and additional financing and utilizing resources from IDA Crisis Response Window.
President Malpass encouraged President Mohamud to maintain momentum in the implementation of the HIPC Completion Point triggers and obtaining debt relief agreements. President Malpass was glad to hear from President Mohamud that widespread, low-cost mobile money is allowing transactions in US cents, and that substantial progress has been made on replacing both counterfeit and regional currencies with dollars, which President Malpass noted facilitates efficient access to remittances for the Somali people.
President Malpass and President Mohamud also discussed the importance of preparation for Somalia’s post-HIPC Completion Point through strengthened debt management, enhanced intergovernmental fiscal transfers, improved service delivery in health and education, and reforms that enable private investment-led growth and job creation. In this context, President Malpass mentioned the ongoing discussions on the new WBG Country Partnership Framework for Somalia for FY24-FY28.
President Malpass also emphasized the importance of capacity development and effective aid coordination to support Somalia’s development priorities.