Washington, D.C., United States – Somalia’s Minister of Planning, Investment and Economic Development, Mohamud Abdirahman Sheikh Farah Beenebeene, joined fellow African ministers in Washington, D.C., for high-level talks on restructuring the global financial architecture. The discussions took place on the sidelines of the IMF–World Bank Annual Meetings, where developing nations are making a collective case for reforms that better reflect their economic realities.
Speaking at the Working Group on Global Financial Architecture, Beenebeene emphasized the importance of amplifying African voices in decisions that directly impact debt sustainability, climate financing, and access to development resources. He noted that Somalia—still rebuilding after decades of conflict—requires an international system that rewards progress and supports resilience rather than applying one-size-fits-all frameworks.
African leaders at the meeting pushed for reforms aimed at reducing the cost of borrowing, increasing access to concessional funds, and reshaping global lending institutions to be more inclusive. For Somalia, which recently qualified for full debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative, the moment marks a turning point from crisis management to long-term development planning.
Beenebeene called for flexible financing mechanisms that allow fragile states to invest in infrastructure, social protection and climate adaptation without falling back into debt distress. He also underscored the need for transparency and accountability on both sides—urging international lenders to streamline processes and African governments to strengthen governance.
The session reflected a growing consensus among African economies that the global financial system must evolve to meet today’s challenges—from pandemics and food insecurity to climate shocks. For Somalia, the meetings offer both advocacy and opportunity, as the country positions itself not as a beneficiary of aid, but as a partner in shaping a more equitable economic future.