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Officials from 50 countries and organisations gathered in London on Thursday (February 23rd) to discuss a roadmap for Somalia's government.

British Prime Minister David Cameron, US Secretary of State Hillary Clinton and UN chief Ban Ki-moon were among officials who urged action on Somalia, warning that the world will "pay the price" for failing to tackle political unrest, Islamist militants and pirates, AFP reported.

"These problems in Somalia don't just affect Somalia. They affect us all. If the rest of us just sit back and look on, we will pay a price for doing so," Cameron said as he opened the conference. "If everyone comes together and does their bit, I am absolutely convinced that Somalia can solve its problems and ultimately fulfil its potential as a key player in Africa and the world."

Clinton said the United States would push for sanctions, including travel bans and asset freezes, for those "standing in the way" of progress by the transitional government, the mandate for which expires in August.

"For decades, the world has focused on what we could prevent from happening in Somalia -- be it conflict, famine or other disasters. Now we are focused on what we can build. The opportunity is real," Clinton said.

She also pledged an extra $64 million in humanitarian assistance to the region to help improve the lives of ordinary Somalis, blighted by famine and civil war for the past 21 years.

Ban urged the world to build on recent progress after the UN agreed to boost the African Union peacekeeping force in the country to more than 17,000 troops, and after al-Shabaab militants were driven from a key town on Wednesday.

"We have opened a space for peace and stability in Somalia. It is a small space, but it presents an opportunity we cannot afford to miss," Ban said.

In Mogadishu, residents raised handmade British flags in solidarity with the conference, according to AFP, even as two blasts were reported in Baidoa, the town re-captured from al-Shabaab on Wednesday.

The conference brings together officials from about 40 countries, including the leaders of Ethiopia, Uganda and Kenya, in addition to the African Union and the Arab League.

Cameron said the world now had three key tasks: to help Somalia strengthen security, to get humanitarian aid into places where it is needed and to help Somali efforts to build a representative government.

Somali Prime Minister Abdiweli Mohamed Ali said on the eve of the conference that his country was "moving into an era of peace, stability and normalcy".

Somalia's president, the presidents of the semi-autonomous Puntland and Galmudug regions, and the commander of the anti-al-Shabaab militia Ahlu Sunna wal Jamaa signed a UN-backed agreement on Saturday outlining a new government structure to replace transitional government in August.