Somalia has requested an additional $40 million in financing from the International Monetary Fund (IMF) to help cushion the economy against the budgetary shortfalls caused by foreign aid cuts and to support the economic reform programme.
The proposed funding is part of Mogadishu’s new 36-month Extended Credit Facility (ECF) arrangement of SDR 75 million (about $100 million), which was approved by the IMF Board in December 2023.
