Economic policy

Results of the 5th National Economic Policy Forum on GETS

Results of the 5th National Economic Policy Forum on GETS

During the two-day Forum, NEC advisors and independent industry experts presented a total of 12 studies.

MOGADISHU, Somalia – The National Economic Council (NEC) of Somalia held its fifth National High Level Economic Policy Forum on 20e and 21st from June 2022 in Mogadishu, Somalia.

This year’s National Economic Policy Forum focused on the “Growth and Economic Transformation Strategy (GETS)”, an ambitious strategy based on a new vision for Somalia with the aspiration to rebuild a safe, stable country. and democracy, and to achieve national status as a middle-income country by 2050.

During the two-day Forum, NEC advisors and independent industry experts presented a total of (12) studies under GETS for discussion by policy makers, field experts, government officials, officials of change and other relevant national stakeholders.

5e The National Economic Policy Forum on Growth and Economic Transformation Strategy (GETS) was officially opened by the Deputy Prime Minister of the Federal Government of Somalia, HE Mahdi Mohamed Gulaid, who then chaired the first session of the Forum.

In his remarks, the Deputy Prime Minister highlighted the importance of having national strategic plans such as the GETS that can be used as a tool to shape and accelerate Somalia’s long-term economic growth and recovery.

Likewise, HE Mohamed Amin Sheikh Osman, Deputy Chief of Staff of the Presidency who also attended the opening session, stressed the need for meaningful debates and discussions on the economic trajectory of the country, reaffirming the commitment of the new government to meet the challenges facing the country by giving priority to the implementation of a sound and effective economic policy.

5e National Economic Policy Forum aimed at bridging the current knowledge gap to strengthen the application of effective policies and impactful reforms to address the critical pillars of GETS, in particular the needs of the productive sector, disaster risk reduction of the food insecurity and building resilience to climate change, as well as the development of the blue economy.

The Forum attracted over 200 participants, including senior FGS and FMS officials, dignitaries from development partners, policy makers, field experts, representatives from academia, civil society and other stakeholders. key nationals.

The Policy Forum focused on the following plenary sessions based on GETS studies:

– Policies for growth and economic transformation

– Development of trade and economic infrastructure

– Mobilization of national resources and institutional development

– Access to finance and financial inclusion

– Agriculture, food security and environmental sustainability

– Climate Change Adaptation and Human Resilience Building Social Sector – Education and Health for Women and Youth Sustainable Blue Economy in Somalia

Forum key action points:

– The Forum discussed the main current challenges of the economic and social sectors as well as the prerequisites for sustainable economic development, including peace, security, reconciliation and the rule of law, all of which depend on competent leadership and committed to reform.

– The Forum underlined the need to urgently complete the ongoing debt relief process which is a prerequisite for the sound management of macroeconomic policies.

– The Forum stressed that to have an inclusive development and generate enough jobs, especially for the youth, the country must invest in its small and medium enterprises (SMEs).

– The development of productive sector enterprises requires adequate economic infrastructure such as roads and public services and sufficient financial resources which entails the development of the financial sector to provide funds for investments, large and small.

– The Forum stressed that the country must prioritize the allocation of more resources for the social services sector, especially health and education, as well as public services for vulnerable communities.

– The Forum noted that Somalia lacks effective governance capable of eliminating widespread corruption in all aspects of Somali society. Therefore, in order to build trust between the different levels of government and ensure proper administration and mobilization of domestic resources, Somalia needs to establish an autonomous and independent revenue authority.

Given its emerging competitiveness and productivity, the information technology sector in Somalia has considerable potential. Therefore, the Forum calls for the adoption of relevant policies focusing on information technologies and the digital economy, as well as their effective use in all economic sectors.

– The Forum underscored that Somalia’s medium to long-term high and sustainable growth trajectory depends on the performance of its agricultural sector, and that critical interventions that enhance environmental protection and human resilience must be put in place. in place.

– The Forum noted that one of the most critical risks to people’s livelihoods is addressing the challenges of climate impact and in particular prioritizing food security and building human resilience .

– The Forum stressed the need to develop the blue economy, including the potential of oil and gas, marine resources and renewable energies, while ensuring the protection of the environment.

– The Forum calls on the government to create a unified intergovernmental authority for the administration, allocation and management of oil and gas revenues, with a single treasury account and a clear investment portfolio to preserve and generate returns under the form of a sovereign wealth fund.

At the end of the second day, the Forum was officially closed by the Minister of Planning, Investment and Economic Development HE Gamal Mohamed Hassan, who applauded the National Economic Council and the National Economic Advisers for their role in support and advice to the Somali government on the formulation and management of sound economic and social policies to achieve sustainable economic development.