The first review of Somalia’s economy has been officially completed, after a series of meetings between the heads of the Federal Government and the IMF, since the debt relief.
The meetings between the heads of government and the IMF have been going on since December last year, when Somalia was forgiven its debt.
The top committee of the IMF announced that the government of Somalia is currently on the right track for the development of the economy of Somalia.
A decision from the High Commission allowed the government of Somalia to be immediately given a sum of $10 million dollars to support the development of economic policy and financial reform plans.
“The IMF has given a good forecast for the goal of 2024 where it is expected to reach Somalia’s gross domestic product (GDP) of 3.7 percent, compared to where it stood last year in 2023, which was 2.8 percent.” said a news release from the IMF.
This decision from the top committee of the IMF comes as the Federal Government of Somalia has recently focused on issues related to the development of its financial reform programs which it has given special priority.
However, this step is another important success for the Federal Government of Somalia.
