Outcomes of the 5th National Economic Policy Forum on Growth and Economic Transformation Strategy (GETS)

Outcomes of the 5th National Economic Policy Forum on Growth and Economic Transformation Strategy (GETS):

1. The National  Economic  Council  (NEC)  of  Somalia  held  its  fifth  high-level  National Economic  Policy  Forum  on  the  20th  and  21st  of  June  2022  in  Mogadishu,  Somalia. This year’s National Economic Policy Forum focused on the “Growth and Economic Transformation Strategy (GETS)”, an ambitions strategy based on a new vision for Somalia with the aspiration to rebuild a secure, stable and democratic country, and to achieve a national middle-income status by 2050.
2. During the two-day Forum,  the  NEC  advisors  and  independent  sector  experts presented a total of (10) studies under the GETS for discussion by policy makers, field  experts,  government  officials,  change  agents,  and  other  relevant  national stakeholders.
3. The 5th 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,  H.E.  Mahdi  Mohamed Gulaid, who  subsequently  chaired the   first   session   of   the   Forum.   In   his   remarks,   the   Deputy   Prime   Minister underlined  the  importance  of  having  national  strategic  plans  such  as  the  GETS, which  can  be  utilized  as  a  tool  for  shaping  and  accelerating  Somalia’s  long-term economic growth.
4. H.E Mohamed  Amin  Sheikh  Osman,  Deputy  Chief  of  Staff  of  the  Presidency, highlighted  the  need  for  debates  and  discussions  on  the  country’s  economic policies  and  reaffirmed  the  new  government’s  commitment  in  addressing  the challenges  facing  the  country  through  prioritizing  the  implementation  of  sound and effective economic reforms.
5. The studies  presented  at  the  5th  National  Economic  Policy  Forum  were  aimed  at bridging  the  current  gap  in  knowledge  and  strengthening  the  application  of effective  policies  and  impactful  reforms  addressing  the  critical  pillars  under  the GETS; in particular, the needs of the productive sector, the disaster risk reduction of  food  insecurity  and  enhanced  resilience  to  climate  change,  as  well  as  the development of the blue economy.
6. The Forum attracted more than 200 participants including senior officials from the FGS and FMS, policy makers, field experts, representatives from the academia, civil society, dignitaries from the development partners and other key stakeholders.
7. The Policy  Forum  focused  on  the  following  plenary  sessions  based  on  the  GETS studies:

• Policies for Growth and Economic Transformation
• Trade and Economic Infrastructure Development
• Domestic Resource Mobilization and Institutional Development
• Access to Finance and Financial Inclusion
• Agriculture, Food Security and Environmental Sustainability
• Climate Change Adaptation and Building Human Resilience
• Social Sector (Education and Health) with focus on Women and Youth
• Sustainable Blue Economy in Somalia

8. Key Action Points of the Forum:

• The  Forum  discussed  the  current  key  challenges  of  the  economic  and  social sectors   as   well   as   the   preconditions   of   sustainable   economic   development including   peace,   security,   reconciliation   and   the   rule   of   law,   which   are   all dependent on competent and reform committed leadership.
• The  Forum  underlined  the  need  for  the  urgent  completion  of  the  ongoing  debt relief    processes    which    is    a    prerequisite    for    the    sound    management    of macroeconomic policies.
• The   Forum   emphasized   that   in  order   to   have   inclusive   development   and   to generate enough employment, particularly for the youth, the country has to invest in its small and medium sized enterprises (SMEs).
• The   development   of   the   productive   sector   enterprises   requires   adequate economic   infrastructure   like   roads,   energy   and   other   utilities,   and   sufficient financial resources which entail the development of the financial sector to provide funds for investments, both small and large.
• The Forum underscored that the country needs to prioritize the allocation of more resources for the social services sector, specifically health and education, as well as public services for the vulnerable communities.
• The Forum noted that Somalia lacks effective and capable governance to eliminate prevalent  corruption  in  all  aspects of  Somali  society.  Therefore,  in  order  to  build trust    among    the    different    levels    of    government,    and    to    ensure    proper administration and mobilization of domestic resources, Somalia needs to establish an autonomous and independent revenue authority.
• In   view   of   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 the information technology and digital economy, as well as its effective utilization across all economic sectors.
• The  Forum  emphasized  that  Somalia’s  medium  and  long-term  sustainable  high growth   depends   on   the   performance   of   its   agricultural   sector,    and   the implementation  of  essential  reforms  to  enhance  environmental  protection  and human resilience.
• The  Forum  noted  that  one  of  the  most  critical  factors  for  the  livelihoods  of  the population   is   to   address   the   challenges   of   climate   impact   and   in   particular prioritizing food security and building resilience.
• The  Forum  stressed  on  the  need  to  develop  the  blue  economy  including  the potential  for  oil  and  gas,  marine  resources  and  the  renewable  energy,  while ensuring environmental protection.
• The   Forum   calls   on   the   government   to   create   a   unified   intergovernmental authority  for  oil  and  gas  revenues  administration,  allocation,  and  management, with  a  single  treasury  account  and  with  a  clear  investment  portfolio  to  preserve and generate returns in the form of a sovereign wealth fund.

9. At the  end  of  the  second  day,  the  Executive  Director  of  the  NEC,  Dr.  Ali  Issa, presented  the  concluding  statement  of the  two-day  Policy  Forum.  Subsequently, the  Forum  was  officially  closed  by  the  Minister  of  Planning,  Investment  and Economic Development H.E Gamal Mohamed Hassan, who applauded the National Economic  Council  and  the  National  Economic  Advisors  for  their  role  in  providing objective  and  high-value  advice  on  the  formulation  and  management  of  sound economic and social policies to attain sustainable economic development.

[vc_gallery type=”image_grid” images=”2927,2926,2924,2923,2922,2921,2917,2915,2913,2911,2907,2906,2904,2903,2902,2901,2900,2899,2898,2897,2896,2895,2894,2893,2892,2891,2890,2889,2888,2887,2886,2885,2884,2883,2882,2881,2880,2879″ img_size=”medium”][/vc_column][/vc_row]