Somalia has received a loan worth $8.9 million from the International Monetary Fund (IMF).
The international organization released the funds to Somalia on Saturday following a staff-level meeting.
IMF’s executive directors had expressed delight at the commitment by Somali authorities towards economic reforms.
They also welcomed the commitment Somalia showed to the Heavily Indebted Poor Countries (HIPC) process.
IMF has lauded the reforms that the Somali government continues making to strengthen the Central Bank of Somalia (CBS) too.
The organization commended the reforms and the subsequent results that came despite the many challenges Somalia faced.
Some of the challenges were from the COVID-19 pandemic and conflicts.
Floods and higher commodity prices also tested the resilience of the people of Somalia.