Hargeisa, Somaliland – The Somaliland Cabinet has received an encouraging update on the country’s economic performance, with revenues surpassing expectations despite mounting global challenges.
During Thursday’s weekly meeting at the Presidential Palace in Hargeisa, Finance and Economic Development Minister Ismail Mawlid Abdullahi presented a detailed report on the fiscal outlook. He noted that domestic revenues collected over the first eight months of the year had already exceeded projections, providing strong momentum toward meeting the 2025 national budget target.
While celebrating these gains, Abdullahi cautioned that Somaliland is not immune to global economic headwinds. International market disruptions and rising costs of imports have complicated project implementation, while inflationary pressures and currency fluctuations remain key areas of concern.
The minister emphasized the importance of diversifying financial tools and ensuring that aid from development partners is used effectively. He highlighted access to credit for small and medium-sized enterprises as a priority to stimulate local investment, job creation, and sustainable growth.
The Cabinet praised the progress, underscoring the government’s commitment to prudent fiscal management. Officials stressed that maintaining the positive trajectory will require closer monitoring of inflation, smarter debt management, and continued collaboration with international partners to cushion the country against external shocks.
The upbeat revenue report comes as Somaliland works to consolidate economic stability and attract foreign investment, a central theme of its broader development agenda.