Mogadishu(Mogadishu24)-In a significant step towards building a more resilient Somalia, the Federal Government today convened a high-level Disaster Risk Finance (DRF) Diagnostic Validation Workshop to review the findings and recommendations of a comprehensive assessment that has been going in the past 4 months.

The DRF diagnostic, conducted with support from the World Bank under the Somalia Crisis Recovery Project (SCRP), analysed the past socioeconomic and fiscal impacts of disasters in Somalia, the role of domestic insurance and capital markets in DRF, existing and potential DRF mechanisms, and the funding gap between estimated fiscal costs and available funds. The assessment is expected to be finalized by August 2024 for a high-level launch in September.

“This diagnostic report gives us a clear roadmap to enhance our financial preparedness and responsiveness to disasters,” said Mahamuud Maalim, Commissioner of the Somalia Disaster Management Agency (SODMA) who officiated the workshop. “We are committed to working closely with our partners to implement the recommended solutions and build a more resilient Somalia.”

The workshop brought together key government ministries, including the Ministry of Finance and Ministry of Planning, as well as international development partners, humanitarian organizations, and representatives from the Somali private sector.

Abdi Tawane, the Project Coordinator for the Somalia Crisis Recovery Project (SCRP), highlighted the importance of the initiative, stating, “The project is designed to bolster the government’s nationwide disaster preparedness capabilities, and this Disaster Risk Finance (DRF) diagnostic is instrumental in that endeavor. By integrating the diagnostic’s recommendations with our project’s activities, we are able to assist the government in establishing strong disaster risk finance mechanisms, enhancing Somalia’s resilience against potential future shocks.”

Mr. Saleiman Sheik UMAR, the Director General of the Ministry of Finance, welcomed the diagnostic findings, noting, ” As demonstrated through the multisectoral collaborative approach of implementing Somalia Crisis Recovery Project, the government remains firmly committed to prioritizing disaster risk management and leveraging opportunities like this workshop to validate pathways for operationalizing the diagnostic outcomes in line with development priorities across sectors from emergency response, social protection to agriculture and livestock among others.”

Mohamed Shire, the Director General of the Ministry of Planning, added, “Disaster risk finance is a crucial component of our overall disaster risk management strategy. The learnings from this workshop will inform our policy decisions and help us build a more resilient Somalia through effective partnerships and coordination.”

This collaborative workshop marked a significant step forward in Somalia’s journey towards strengthening its financial resilience to disasters and crises. The Government of Somalia, together with its development partners, is determined to prioritize and implement the diagnostic recommendations to safeguard the country’s fiscal stability and empower communities to recover and thrive in the face of future shocks.