Capacity Development Talk: Somalia’s Fiscal Journey to Debt Relief


Location: Cedar Hall, HQ1-1-660




Somalia has been rebuilding since 2012, following more than 2 decades of devastating conflict. The Heavily Indebted Poor Countries (HIPC) framework provided a path for Somalia to bring external debt to sustainable levels and access new external financing to support economic and social development. As part of the HIPC process and IMF engagement, the authorities advanced substantive public financial management reforms to strengthen government spending capacity and accountability. Since 2013, the Federal Government of Somalia has created efficient and transparent public financial management institutions, showcasing significant achievements such as credible budget preparation, strong internal controls, automated payment processes, and the Invoice Tracking System, all facilitated through the Somalia Financial Management Information System. Join us to explore Somalia's remarkable fiscal journey to debt relief—from establishing the basics of cash and manual transactions to building comprehensive legal and institutional frameworks and the ongoing shift towards digital transformation and the exploration of AI. 




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Bihi Iman Egeh 

 Minister of Finance, Federal Government of Somalia



His Excellency, Mr. Bihi Iman Egeh, was appointed as the Minister of Finance of the Federal Government of Somalia in July 2023. Under his leadership, Somalia reached the HIPC Completion Point in December 2023, following implementation of significant reforms supporting economic development and institution building. Minister Egeh previously served as the Minister of Labour and Social Aairs (MoLSA) during 2022-2023. leading public sector reform initiatives. Has been a member of Parliament since 2016. Earlier he worked in the development and humanitarian sector and was a lecturer at Hargeisa University.   


Laura Jaramillo Mayor

Advisor & Mission Chief for Somalia, Middle East and Central Asia Department, IMF

Laura Jaramillo is an Advisor and Mission Chief for Somalia in the Middle East and Central Asia Department of the International Monetary Fund. Since joining the IMF in 2002, she has worked on surveillance, programs, and technical assistance in a range of countries in Asia, Africa, Europe, and Latin America. Before joining the IMF, Ms. Jaramillo worked at the Ministry of Finance of Colombia. Ms. Jaramillo was a Fulbright Scholar, she did her graduate studies at Princeton University, and her undergraduate studies at Universidad Externado de Colombia and Sciences Po.




Alok Verma 

Senior Economist, Fiscal Affairs Department, IMF


Alok Verma is a Senior Economist in the Fiscal Affairs Department (FAD) of the IMF, specializing in public financial management (PFM). He is responsible for capacity development (CD) delivery across Africa, Europe, and the Middle East. Mr. Verma leads the digitalization initiatives for his division at the IMF, focusing on leveraging digital technology to enhance PFM practices. Before joining IMF, he held management positions within the Ministry of Finance, Government of India, where he played a crucial role in the PFM digital transformation. During his time there, he was instrumental in establishing accounting systems, data interoperability solutions, and platforms for PFM Systems. Mr. Verma has a deep interest in Fiscal Data Governance (FDG), data-driven fiscal operations, and the role of Artificial Intelligence (AI) in public finance. He holds a bachelor's degree in computer engineering, complemented by two years of specialized coursework in public finance. Additionally, Mr. Verma is enthusiastic about the intersection of public finance and digital technologies and is a certified AI and data management professional.

Master of ceremony





Franck Bousquet 

Deputy Director, Institute for Capacity Development, IMF