NEW YORK September 20, 2013 – Somalia’s Planning Minister, Mohamud Abdirahman Sh. Farah, fondly known as Beene-Beene, recently participated in Interactive Roundtable an event centered around the ambitious task of reforming the international financial architecture to realize the Sustainable Development Goals (SDGs). With a focus on debt sustainability and international tax cooperation, the roundtable shed light on the challenges and opportunities in the present global financial system.
Minister Beene-Beene started his discourse by emphasizing the importance of debt sustainability for Somalia, which have been historically burdened by debt. He highlighted the need for a comprehensive approach that includes debt relief, favorable lending conditions, and responsible borrowing to ensure that countries remain solvent while pursuing the SDGs.
He argued that the global financial safety net must be strengthened to shield vulnerable economies from external shocks and to provide a platform for sustainable growth. A renewed commitment from international financial institutions to provide technical assistance and capacity-building would go a long way in aiding countries manage their debt portfolios better.
Tax evasion and illicit financial flows have long been a concern for developing countries, depriving them of much-needed resources. Minister Beene-Beene advocated for a more inclusive and effective international tax cooperation, suggesting that a multilateral approach to tax matters would curb tax avoidance and level the playing field.
He underscored the importance of mobilizing domestic resources, emphasizing that while international aid plays a role, the sustainability of development initiatives largely hinges on a nation’s capacity to finance its projects. By fortifying tax systems and broadening the tax base, countries can generate the resources needed to fund their development agendas.
The participation of Somalia’s Planning Minister, Mohamud Abdirahman Sh. Farah (Beene-Beene), in the roundtable underscores the significance of the discussed themes for developing nations. As the global community looks towards achieving the SDGs by 2030, the reforms in the international financial architecture, including debt sustainability and effective tax cooperation, will be crucial in determining the trajectory of progress. The roundtable serves as a reminder of the collective responsibility and the shared vision of a prosperous, sustainable future.