The Board of the International Monetary Fund (IMF) has expressed satisfaction with the progress of the Extended Credit Facility (ECF) for Somalia.
IMF’s Executive Board has concluded the 2022 Article IV Consultation and the Fourth Review of the ECF for Somalia.
Afterward, the IMF Executive Board stated that the ECF was progressing well.
It added that steady reform progress would lay the groundwork for Somalia to achieve and complete its status as one of the Heavily Indebted Poor Countries (HIPC) by late 2023.