Friday 31 May 2024 {HMC} The International Monetary Fund (IMF) today officially concluded the first review of Somalia’s economy after a series of meetings between the heads of the Federal Government and the Executive Committee of the IMF, following the recent debt forgiveness.
The meetings between the heads of the Somali government and the IMF have been ongoing since December last year, when Somalia’s debt was forgiven.
The Executive Committee of the International Monetary Fund (IMF) has declared that the Federal Government of Somalia is currently on the right track for the development of the country’s economy.
The news from the high committee has allowed the government of Somalia to immediately receive a sum of $10 million to support the development of economic policy and financial reform plans.
“The IMF has given a positive forecast for 2024, expecting Somalia’s gross domestic product (GDP) to reach 3.7 percent, compared to 2.8 percent last year in 2023,” said a news release from the IMF.
This move from the top committee of the IMF comes as the Federal Government of Somalia has recently focused on issues related to the development of its financial reform programs, which it has given special priority.
Overall, this step is another important success for the Federal Government of Somalia.
