According to a statement from Kristina Svensson, the World Bank's country manager for Somalia, the DPF supports the government's efforts to provide the groundwork for a modern economy with improved institutions. ADVERTISEMENT"It also signals the significant progress Somalia has made in terms of institution-building and economic development, paving the way for a more stable and sustainable future," Svensson continued. The World Bank notes that Somalia has enacted new legislation that creates the institutional framework necessary for developing high-potential economic development sectors in critical industries including energy and fisheries. A new investor protection and investment law was passed to help these industries raise the vital private money they require to grow. "Despite multiple shocks, Somalia is maintaining macroeconomic stability.

Source: Daily Nation August 02, 2023 15:16 UTC