Somalia reaps $100m windfall after IMF policy review
People walking in in the Hamarweyne market of Mogadishu, Somalia. The country has been going through an economic performance examination by IMF for several years. PHOTO | JP LOPEZ | AFP
Somalia has been granted relief and an additional $100 million financing under a three-year Extended Credit Facility (ECF) arrangement from the International Monetary Fund (IMF) after Mogadishu committed to further economic reforms.
The financing, which is still subject to the fund’s executive board approval, follows the considerable progress that Somalia has made in rebuilding its economy and institutions under the current ECF-supported programme since 2020.
