Hargeisa — Somaliland President Abdirahman Mohamed Abdillahi Irro held talks with leading business figures on Wednesday to address rising inflation and economic pressures linked to instability in the Middle East, officials said.
The meeting brought together senior ministers, central bank officials and heads of key state institutions alongside prominent traders, as authorities seek coordinated measures to stabilize markets and protect consumers.
President Irro said global market disruptions, particularly those affecting supply chains in the Middle East, have significantly impacted Somaliland's economy, driving up the cost of fuel, essential goods and foreign exchange.
He urged the business community to demonstrate national responsibility and play a stronger role in maintaining market stability and safeguarding citizens' purchasing power.
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Business leaders said rising fuel prices, transport costs, import insurance and volatility in Middle East markets had increased operational expenses, pushing up consumer prices.
They, however, reassured the government that there were no immediate shortages of fuel or food supplies and said efforts were underway to expand strategic reserves.
Traders expressed readiness to cooperate with the government to reach balanced solutions that protect both businesses and the wider public.
Officials from the ministries of commerce and finance said the government was working on policy responses to cushion the economy, including measures to stabilize prices and strengthen resilience against external shocks.
The meeting concluded with an agreement to deepen cooperation between the government and the private sector, including the formation of a joint technical committee to monitor economic developments.
Key outcomes included plans to boost domestic production and industrial capacity, establish reliable national reserves of food and fuel, stabilize the Somaliland shilling, and explore alternative trade routes beyond traditional Middle East markets.
Participants also called for a review of the tax system during periods of economic strain to support businesses and ease pressure on consumers.
Analysts say the coordinated approach could help cushion Somaliland's economy from global shocks while reinforcing confidence in its market institutions.
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(Reporting by Horn Diplomat; Editing by Desk)
