The International Monetary Fund (IMF) has expressed delight with Somalia’s economic reform process.
IMF has been reviewing the economic reform process initiated by the Federal Government of Somalia since late July.
After a month-long review, its verdict is that Somalia’s economic reform is “strong.”
On September 24, IMF issued a report providing details of the issues covered while reviewing the East African country’s economic reform.
In the report, it said that Somalia had performed strongly despite facing unparalleled challenges in the form of the COVID-19 pandemic, desert locust invasion, and flooding.
IMF congratulated Somali authorities for remaining “steadfast” to their commitment to pursue economic reforms.
Further, IMF commended the country’s leadership, especially under Dr. Abdirahman Beileh, the Minister of Finance, for meeting all structural benchmarks needed for the first review.
Consequently, both sides signed a “staff-level agreement marking the completion of the first review, which falls under the Extended Credit Facility.”