It is an honour and privilege to participate in this very timely discussion of African leaders on the future financing of our common development agenda with the President of the World Bank, his senior leadership team
and donors.
Indeed, a well replenished IDA 21 means more opportunity for investment, job creation, economic growth, and effective responses to devastating global shocks like climate change which hampers all of our progress despite our minimal contribution as a continent.
Essentially, in this age of increasing global uncertainty, socio-economic, political and security risks like the Red Sea crisis, as well as enormous development financing need, we must ensure IDA 21 becomes the main vehicle to support sustainable development. Without this, almost all
developing low-income nations will struggle to deliver progressive change.
From the offset, I want to thank the government of Kenya, under the leadership of H.E. Dr. William Ruto, for hosting this critical meeting on IDA-21 replenishment and for bringing us all together. I also want to recognise the visionary leadership of H.E. Ajay Banga, the President of the World Bank, who has demonstrated that he is firmly committed to leading a responsive Bank that delivers results through the Evolution Roadmap.
It is encouraging that the World Bank is listening, learning, innovating, and acting to provide a tailored context specific support for our most urgent priorities to spur growth in Africa.
Somalia and IDA
For Somalia, IDA is a major lifeline that we are relying on to enable our ambitious national transformation agenda in this hopeful post-debt relief period. IDA’s impact in Somalia are enormous and include:
-
Core institution and system building culminating in the achievement of Heavily Indebted Poor Country (HIPC) Completion Point in December 2023.
-
Up to 27% of Somalia’s population — have benefited from World Bank-funded activities in Somalia since 2018. Approximately 69% of these beneficiaries were poor living with small children or were affected by drought, floods, and/or locust infestation.
- Support to the rehabilitation of access roads and climate-resistance infrastructure in several municipalities bringing various benefits to millions of our people, including internally displaced persons (IDPs) that had migrated to urban areas due to security and natural disasters events.
- Provisionofeffective,livelihoodandlife-savingassistancetoour citizensthroughoutthetriplecrisisofclimaticshocks,locust infestation andthe COVID-19 pandemic.
Essentially, IDA in Somalia has meant more vulnerable people out of extreme poverty, more social protection for women and children, and a focus on supporting government institutions and private sector development for a sustainable economic future.
Despite our successful decade long economic reforms to achieve debt relief through the Highly Indebted Poor Countries Initiative (HIPC), we remain among the most fragile states in Africa and the world.
Without doubt, Somalia has come a very long way from where we were only a decade ago in terms of macroeconomic stability and socio- economic development.
We also have exciting and empowering plans to keep the reform momentum going to lock in the vital gains we have made and build on them for transformative change. However, these efforts require resources. Accordingly, we require the upcoming IDA 21 replenishment to be of the scale and ambition that will help shift the situation from fragility to resilience and growth in Somalia.
This can only happen through greater investment in human capital, infrastructure, social protection, job creation, increased affordable energy access, and building resilience to the disastrous and disproportionate impact of recurrent and cyclical climate emergencies in my country through IDA 21.
Conclusion
In conclusion, I strongly feel that IDA21 is the perfect opportunity of convergence between our global ambition for sustainable development and the enhanced resources we need to achieve it. Let us be ambitious to achieve growth and prosperity not just for Africa and its resilient citizens but the world.
I thank you all.
