The International Monetary Fund praises Somalia’s “strong reform momentum,” and approves an immediate assistance of about US$9.4 million to support the implementation of the National Development Plan and to anchor reforms.
The announcement followed completion of the latest review of one of the IMF programs known as the extended Credit facility. The new disbursement brings total assistance under the debt relief ptocess to about US$ 386M.
Notwithstanding significant climate, security, and political challenges, Somalia authorities remain committed to economic reforms and the Heavily Indebted Poor Countries (HIPC) process, IMF statement said.
IMF says Somalia’s 2023 GDP growth projection was downgraded by ¼ percent to 2.8 percent due to droughts and subdued remittances inflows. Average inflation is expected to decline to 4.2 percent in 2023 as commodity prices recede.
