The International Monetary Fund agrees to provide $100 million to Somalia

The International Monetary Fund agrees to provide $100 million to Somalia

 The International Monetary Fund said that it had reached an agreement with the government of Somalia to provide financial aid to the country, in line with the program for low-income countries in need of support.

The IMF said in a press statement issued on Wednesday that Somalia continues to implement economic reforms that strengthen economic and financial institutions and pave the way for Somalia to forgive its debts in December this year.

The International Monetary Fund and the government of Somalia agreed to aid the country for three years in the amount of $100 million after talks between the government and a team from the bank led by Laura Jaramillo in Nairobi last September.

“Somalia has made significant progress in rebuilding its economic and monetary institutions,” Jaramillo said. “Through the low-income country assistance program ongoing since 2020, Somalia has continued to implement strong changes in strengthening important economic and financial institutions.” Somali government officials said they hope the country will be able to forgive its billions of dollars in debt by the end of this year.