Somalia reforms win two key funding deals with IMF
A street in the Somali capital Mogadishu. In 2018, economic growth was projected to increase to 3.1 per cent from an 2.3 per cent in 2017, and inflation expected to ease to under 3 per cent from 5.2 per cent in 2017. PHOTO | REUTERS
Somalia is committed to policy and reform implementation bringing it closer to debt relief under the Heavily Indebted Poor Countries Initiative, and receive funding from bilateral and multilateral partners.
The country reached two critical agreements with the International Monetary Fund mission team at a meeting led by Allison Holland, and agreed on the Staff-Monitored Programme (SMP) and Reaches Staff-Level Agreement on a new three-year macroeconomic reform programme that could be supported by the Extended Credit Facility (ECF) and Extended Fund Facility (EFF).
