Somalia gets Usd100 million IMF grant
The new arrangement comes as Somalia emerges from the shackles of crippling debt under the Heavily Indebted Poor Countries (HIPC) Initiative, completed on December 13.
Somalia has secured a crucial $100 million lifeline from the International Monetary Fund (IMF) to support its post-debt relief economic reform agenda.
The three-year Extended Credit Facility (ECF) arrangement, approved on December 19th, comes as Somalia emerges from the shackles of crippling debt under the Heavily Indebted Poor Countries (HIPC) Initiative, completed on December 13.
More To Read
- Kenya secures Sh193 billion loan to cut borrowing costs, boost stability
- Somalia’s first female captain Yasmin Abdi Farah wins pilot of the year 2025
- Djibouti to deploy more troops to Somalia to counter Al-Shabaab threat
- Trump revives ‘America First’ agenda, declares end to policing Kenya, Somalia
- Somalia secures release of more than 50 nationals held in DRC
- Somalia to begin drilling first oil block in coming months, President Hassan Sheikh Mohamud announces
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.”
They further elaborated that “through these efforts, Somalia has made considerable progress in strengthening key economic and financial institutions, as well as improving governance.”
This milestone achievement is a testimony to Somalia’s commitment to economic reforms despite facing significant challenges. Over the past years, the country has made strides in strengthening key financial institutions and improving governance. However, the road ahead remains arduous.
The new programme will support the authorities’ post-HIPC reform strategy to further strengthen key economic institutions and promote macroeconomic stability and growth, in line with Somalia’s national development plan and the government’s long-term vision.
Reform implementation will be accompanied by extensive IMF capacity development assistance, supported by the Somalia Country Fund.
Other Topics To Read
Top Stories Today
