Monday, March 20, 2023

Finance Minister hails positive outcome from IMF discussions

Somalia’s Finance Minister Dr. Elmi Mohamed Nur has welcomed the positive outcome of Somalia and International Monetary Fund (IMF) discussions that will see the injection of funds into the country.

He lauded the outcome that culminated from the IMF’s in-person review of Somalia’s Extended Credit Facility in Nairobi, saying the country is making progress despite the global and economic turmoil pitting the country.

“I welcome this positive outcome from the IMF discussions. We are making progress despite the global challenges of economic slowdown, rising inflation, and food prices. 

The Finance Minister added: “Somalia is committed to continuing the successful implementation of the economic reform program.”

The minister’s remarks came after the IMF announced Monday that its staff had reached a staff-level agreement with Somalia that will allow the release of about $10 million to the country, once approved by the board.

According to IMF mission chief Laura Jaramillo, Somalia is expected to complete the Heavily Indebted Poor Countries (HIPC) global debt forgiveness process by late 2023 if it continues to make steady progress on reforms.

“That would be a tremendous milestone,” she said, noting it would reduce Somalia’s debt to around 7% of gross domestic product from around 90% now.

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