PILAR 4: ECONOMIC GROWTH BASED ON THE SELF-SUFFICIENCY MODEL

The government’s vision is to reduce poverty and achieve economic self-sufficiency. Poverty is one of the critical challenges facing Somalia today. 69% of the Somali population live on less than $2 a day, while 43% survive on an income of less than $1 a day. And although more than 70% of the population is under 35 years old, most of these youth are unemployed and despondent, which breeds insecurity and encourages illegal migration.

The Government aims to reduce poverty and achieve economic self-sufficiency.

Poverty in Somalia is rooted in conflict and instability. It has devastated the Somali people, significantly impacting the youth and vulnerable groups. The national economy will not thrive unless we unite against corruption and insecurity.

The Government will focus on rebuilding infrastructure, including opening corridors, building roads, bridges, and airports, as well as the modernization of seaports, on supporting the productive sectors, such as the fisheries, agriculture and livestock, electricity, and renewable energy that are instrumental to economic growth, industrialization, and the use of modern technology.

We aim to fully exploit the abundant natural resources and the strategic geographical location our country is blessed with while duly considering the existent and emerging challenges in a global context. The Government will focus on unearthing our offshore natural resources, notably fisheries and petroleum. Furthermore, livestock and the agricultural sectors will also be prioritized. The Government is committed to achieving tangible results in economic growth, production, marketing, job creation, investment promotion, and trade while boosting innovation, entrepreneurship, and investment and prioritizing career development and youth-oriented job creation initiatives.

Information and Communication Technology (ICT), particularly telecommunication and internet services, have broad penetration in Somalia. However, they need to reinforce their quality and affordability while broadening their reach across the country. This requires revising and reviewing guiding legal and regulatory frameworks and implementing the pending activities.

There has been a notable increase in revenue mobilization over the past years as public financial management systems were reformed and significant milestones were achieved toward the debt relief program. This has resulted in the implementation of substantial developmental projects in collaboration between the Government and the World Bank Group that boosted the government budgetary allocation. The Government is determined to continue promoting growth in revenue mobilization, strengthening financial accountability, and adopting a national fiscal regime.

My government will work on the liberation, pacification, and provision of security in national territories while rebuilding the country’s core infrastructure. This will be achieved through active collaboration between the relevant line ministries coordinating the implementation projects in different sectors national, including roads, energy, airports, and security. It is important to stress that while infrastructure development projects are implemented in certain regions, similar projects will be implemented in conflict-prone areas with security operations being conducted.

The Government’s goal is to eradicate corruption and create a culture of administration based on good governance. In the absence of good governance, integrity, national development, economic growth and self-sufficiency will remain farfetched. To reinstate a collective sense of ownership and ensure an inclusive approach towards building our nation, we must first establish an environment enabling a culture of accountability. Only then can the government fulfill its duty towards its people and deliver necessary services. The Government will focus on battling corruption, particularly on revenue and budgetary misuse, misappropriation of public services, and mismanagement of general procurement processes.

The Government will take precise measures to ensure that taxpayers’ money is fully accounted for and utilized to deliver the most vital services to the people.

To eradicate corruption, government institutions and civil servants must set an example of embracing good governance practices, including honesty, integrity, punctuality, and transparency. The Government will promote raising awareness on applicable laws of the land in collaboration with the relevant stakeholders that include land laws in cooperation with the relevant stakeholders, including independent institutions, religious scholars, elders, the private sector, civil society organizations, and academics.

Strategic Priorities:

• Economic development, regulating and increasing revenue mobilization
  • Increasing revenue mobilization throughout the national economic sectors to reach budgetary
  • Completion of The Extended Credit Facility (ECF) completes the debt relief process of the national revenue management system reaching an agreement on fiscal
  • The implementation of the Public Financial Management Law (PFM)
  • Printing of the Somali Shilling banknotes
  • Coordination and regulation of financial capital
  • Reviewing the 9th National Development Plan and preparing for the creation of the 10^th National Development

• Economic growth, Trade, and Domestic Productivity
  • We are promoting the production of the country’s natural resources (petroleum, mining, agriculture, fisheries, livestock, ).
  • Investment
  • The execution of oil and gas production sharing agreements and the harmonization of legal frameworks relating to fiscal
  • The development of the blue
  • Promoting private sector investments, encouraging private sector investments, and finalizing trade treaties and related regional and international agreements such as (TEPA, AFCFTA, COMTO, )
  • The development of standardization and quality control mechanisms based on the International Organization for Standardization (ISO) standards
  • Developing core infrastructure (seaports, airports, roads, quays, )
  • The development   of industry and energy
  • The utilization of modern