By Goth Mohamed Goth
Hargeisa– International experts leading the Central Bank of Somaliland Modernization Program, headed by Austin Albert and Mankolo, held a pivotal meeting with Somaliland’s Minister of Finance, Hon. Abdillahi Hasan. The discussions, aimed at accelerating financial sector reforms, took place in Hargeisa and included key stakeholders such as Central Bank Deputy Governor Mr. Hamse Abdirahman Khaire and Fu’ad Bashir, Deputy Director of the Supervision Department.
The talks focused on transformative reforms to strengthen Somaliland’s financial infrastructure. Key priorities included establishing a National Payment System, enhancing monetary-fiscal policy coordination, and building robust financial institutions to underpin sustainable economic growth. These initiatives follow the framework outlined in Austin Albert’s 2022 scoping report, which laid the groundwork for the Central Bank’s modernization.
Deputy Governor Hamse Khaire emphasized the critical collaboration with the Ministry of Finance, stating: “Our close partnership with the Ministry is indispensable – particularly given the Minister’s prior experience as Director General of the Central Bank.” This synergy is recognized as fundamental to driving the modernization agenda forward.
The experts’ visit marks a significant step in accelerating the program’s second phase, designed to bolster financial stability and stimulate economic growth. The team is scheduled to engage further with stakeholders in the coming days to refine and implement these strategic initiatives.
This meeting underscores Somaliland’s ongoing commitment to modernizing its financial sector, enhancing economic resilience, and achieving the sustainable development goals outlined in its National Development Plan.
