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Somali officials meet IMF, WB team in Nairobi over debt relief process

Storyline:Business, National News

GOOBJOOG NEWS|NAIROBI: Somali officials led by Finance Minister Elmi Noor are meeting IMF and World Bank representatives in Nairobi as part of the ongoing debt relief negotiations.

The four days talks which began yesterday will focus on internal revenue issues, the Public Financial Management (PFM) system, Good Governance and the Financial Reform process.

The talks follow the disbursement of $9.4 million following the completion of the fifth review of the Extended Credit Facility (ECF) arrangement for Somalia last month. Somalia’s ECF arrangement was approved by the IMF Executive in March 2020.

Speaking yesterday, Noor said the Federal Government was committed to meeting all obligations set by the World Bank and IMF to enable the Horn of Africa nation to secure the cancellation of all debts under the Highly Indebted Poor Countries (HIPC) initiative.