The International Monetary Fund (IMF) has disbursed $9.4 million to Somalia.
The disbursement follows the successful completion of the fifth review under the Extended Credit Facility (ECF) on Friday.
With the review complete, Somalia is now a step closer to full debt relief and financial stability.
Tao Zhang, the IMF Deputy Managing Director, commended the steps Somalia has taken thus far to reform its politics and economy.
“Somalia continues to implement the ECF program impressively despite the challenging times and environment it encounters,” Zhang added.
Somalia is on its way to achieving the much-desired Heavily Indebted Poor Countries (HIPC) Completion Point by the end of this year.