Mogadishu, Somalia – Somalia has reached a significant milestone in its ongoing economic reform journey after the International Monetary Fund (IMF) staff mission concluded a two-week consultation and endorsed a Staff-Level Agreement on the Fourth Review of the country’s Extended Credit Facility (ECF).
Bihi Egeh, the Minister of Finance, welcomed the outcome, hailing it as proof of Somalia’s economic resilience and institutional progress. He said the government had demonstrated strong performance across key economic and financial indicators, despite persistent external pressures ranging from regional insecurity to climate shocks.
According to Egeh, the agreement is not just a procedural success—it is a vote of confidence in Somalia’s fiscal discipline and reform trajectory.
“We are performing strongly in all economic and financial sector indicators, and we will re-double efforts to ensure we embed macroeconomic stability,” he said in a statement.
Somalia’s engagement with the IMF under the ECF framework has been pivotal in anchoring the country’s post-debt relief recovery efforts. The programme focuses on strengthening domestic revenue mobilization, improving public finance management, enhancing central bank operations, and developing a stable financial sector that supports private investment.
Egeh stressed that sustained macroeconomic stability remains the government’s central strategy for long-term growth. He framed the agreement as more than a technical milestone—it represents a pathway toward job creation, investor confidence, and improved livelihoods.
“This is the key strategy to grow the Somali economy and create opportunities for our people,” he affirmed.
The IMF Executive Board is expected to consider the agreement in the coming weeks. If approved, it will unlock further financial support and cement Somalia’s standing among international development partners who have increasingly viewed the country as a reform-focused emerging market.
For Somalia, where economic fragility has long been intertwined with political transitions and humanitarian challenges, the decision signals cautious but meaningful progress. The government now faces the task of turning that endorsement into tangible gains felt beyond policy circles—within businesses, markets, and households across the country.