The Executive Board of the World Bank has approved the granting of $75 million to Somalia, which is intended to support the Somali government’s budget.
This grant came exclusively from the Economic Policy Development Program (DPO), according to a press release from the World Bank.
The Federal Government of Somalia has greatly welcomed this move and described it as coming at the right time, which will facilitate the smooth progress of efforts to develop the inclusive economy.
The head of the World Bank in Somalia, Kristina Svensson, said that the federal government of Somalia has followed the good path of achieving debt relief, and it needs to be supported to achieve its goal.
“DPF supports the government’s desire to build the foundations of a modern economy and strengthen government institutions. This shows the enormous progress that Somalia has made in terms of building government institutions and economic development, which paves the way for a stable and sustainable future,” said Kristina Svensson, Head of the World Bank in Somalia.
The World Bank has also praised the Federal Government of Somalia for the economic changes it is making.
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