Dr. Abdirahman Beileh, Somalia’s Minister of Finance, has said that the country is on track to achieve its economic goals and objectives.
Beileh made this announcement on Thursday, November 19 following a report by the International Monetary Fund (IMF) on the progress of Somalia’s economic reforms.
Recently, IMF evaluated Somalia’s Implementation of the Extended Credit Facility (ECF).
According to the IMF report, Somalia is on track with ECF despite the challenges posed by the COVID-19 pandemic.
It also mentioned the tremendous progress the country has made in the face of other devastating challenges such as floods and the desert locust invasion.
IMF hailed Somalia for responding swiftly to the triple threats.
Furthermore, it commended the country’s international partners for stepping up to support the East African nation to navigate incredible challenges.
The safety net that the Federal Government of Somalia (FGS) instituted added to the tax relief applied on some commodities have helped to mitigate the effects of the triple threats too.
IMF urged the government and people of Somalia to proceed with the sustained reform momentum, which is essential for attaining HIPC Completion Point.