IMF Pledges $100 Million to Boost Somalia’s Economic Reform Agenda

GOOBJOOG NEWS | MOGADISHU: The International Monetary Fund (IMF) has pledged a $100 Million grant to support Somalia’s post-debt relief economic reform agenda.

The three-year Extended Credit Facility (ECF) arrangement, approved on December 19th, comes as Somalia emerges from crippling debt under the Heavily Indebted Poor Countries (HIPC) Initiative, completed on December 13th.

The IMF stated that reaching the HIPC Completion Point and concluding the 2020 ECF program testifies to the Somali authorities’ sustained track record of reform implementation over the past years, despite numerous challenges.

It added that through such efforts, Somalia has made considerable progress in strengthening key economic and financial institutions, as well as improving governance.

Over the past years, the country has made strides in strengthening key financial institutions and improving governance.