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Saturday, August 13, 2022

IMF okays to extend Somalia funding following presidential poll

International Monetary Fund (IMF) Executive Board has okayed the Somali government’s request to delay the review of the economic program for a three-month extension until August 17.

Somalia’s IMF-supported program has been affected by political uncertainty and election delays following political wrangling between the top leaders of the government.

The acceptance by the IMF will give newly-elected President Hassan Sheikh Mohamud’s government time to examine and endorse planned reforms.

Dr. Abdirahman Beileh, Somalia’s Finance Minister, said that the agreement showed that economic reforms were in progress.

“I am pleased that Somalia and IMF Staff have reached a crucial agreement on the Second and Third Reviews of the Extended Credit Facility, which are the basis for our successful national economic reforms. This confirms we are on track and moving forward.”

The IMF said that it had reached an agreement after holding virtual discussions with Somali authorities.

“The extension will provide the time needed to confirm policy understandings with the new government and confirm financing assurances with development partners,” Laura Jaramillo Mayor, the IMF’s mission chief for Somalia said .

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