The Executive Committee of the IMF, which completed the first review under the Somalia debt relief program, agreed to the immediate payment of up to 10 million dollars to support Somalia’s economic policy.
This support, the IMF said, will go through the Somali government budget, making the total financial support of the IMF in Somalia $50 million.
The IMF on the other hand said that economic growth in Somalia is expected to increase by 3.7 percent in 2024 compared to 2.8 percent in 2023.
“Somalia continues to advance its reform agenda, action. It is necessary to maintain the strengthening of the revenue and the management of public finances, to increase the depth of the finances, to improve the administration, and to improve the statistics,” said a press release from the IMF.
The IMF said this support is in line with Somalia’s national development plan and the government’s long-term vision of maintaining economic stability, strengthening revenue and financial management.
In December of last year, Somalia experienced a major historic victory, after the country was forgiven the most of its debts. The IMF and the World Bank said that Somalia has a good opportunity to receive international grants and large investments.
