"A review of the IMF program in Somalia is scheduled for mid-May, but election delays mean that the new administration may not be ready to endorse the planned reforms in time," Laura Jaramillo Mayor, the IMF's chief of mission in Somalia, told AFP. ".
She added, "The review of the fund program supporting Somalia should be completed by May 17, 2022, and if it is not completed by that date, the program will automatically end."
Mayor explained that this, in turn, would severely affect the budget of this poor country and an agreement to reduce its debt from 5.2 billion dollars in 2018 to 557 million dollars.
Somalia is one of the world's poorest countries, with nearly 70 percent of its population living on less than $1.90 a day, struggling to recover from decades of civil war, and battling a decades-old Islamist insurgency (al-Shabab).
The legislative elections in Somalia are more than a year behind schedule, and it was recently agreed to hold them no later than February 25, a deadline that many observers expect the country to miss.
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