The Executive Committee of the IMF will meet on December 13 to discuss Somalia’s debt relief, as it is already planned to forgive Somalia’s long-term debts this December.
IMF spokeswoman Julie Kozack said in a press conference, This will be the next development, adding that the executive board of the World Bank will meet a day before the same issue.
Somalia and the IMF reached a working level agreement in November, agreeing to support the country for a period of 36 months to increase the country’s financial reserves, and the agreement includes $100 million that the IMF will pay to achieve that goal.
This economy was part of a review of the economic, financial, social policies of eight African countries with the aim of opening up its investment portfolio, to strengthen their weak reserves and provide budgetary support.
The completion of the review resulted in more than $1 billion in US dollar financing commitments from seven of the eight countries approved by the IMF’s executive board.
The countries funded were: Somalia ($100 million), Democratic Republic of Congo ($200.39 million), Rwanda ($262 million), Tanzania ($150 million), Gambia ($10.9 million), Comoros ($4.7 million) and Senegal ($276 million).
