IMF provides Somalia with $10 million to reduce poverty, boost growth

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IMF provides Somalia with $10 million to reduce poverty, boost growth

[11/12/2024 01:42]

WASHINGTON-SABA
The International Monetary Fund (IMF) has approved the disbursement of $10 million to Somalia to boost the country's economic reforms.

The IMF said in a statement that the latest funding "brings Somalia's total disbursement under the current program, the Extended Credit Facility, originally approved in December 2023 to $60 million.

The IMF added that its Executive Board "has completed the 2024 Article IV consultation and the second review under the Extended Credit Facility for Somalia."

The IMF expects Somalia's real GDP growth to rise to 4 percent for 2024 and 2025 on the basis of strong exports and remittances "amid high risks, including regional and domestic security developments, commodity prices and climate shocks."