The IMF issued a report on the results of Somalia’s financial development after a two-week meeting held by the Ministry of Finance and the IMF.
The report from the IMF said, “Somalia continued to develop the financial reform process, and the implementation of the agenda was strong, and the efforts made by the government caused the economy to grow with the expectation that it will reach will increase the country’s GDP by 3.7 percent in 2023 compared to 2.8 percent.”
The IMF indicated that foreign direct investment is expected to increase, after Somalia was forgiven $ 4.5 billion of debt, to achieve the initiative of debt forgiveness for poor countries.
However, the IMF said that there are still financial constraints that need to be solved with the special importance of the support of Somalia’s international friends.
The results of the IMF Financial Report are based on the review of the Government Financial Management process for the past three months.
