Latest News

Somalia receives Millions in loan from IMF

Mogadishu December 10, 2022 (SD) The International Monetary Fund (IMF) has announced that it has given Somalia 8.9 million dollars after a staff-level agreement.

The IMF praised the implementation of reforms and improvements in the internal revenue collection system and called for more efforts to be made in tax policy and administrative reform.

“To promote inclusive growth, further efforts are needed to build resilience to climate shocks, advance implementation of the national development plan, and promote financial deepening, while maintaining fiscal sustainability,” the IMF said.

Critics of Somalia’s corruption-prone Successive governments say multiple loans from the International community and the IMF in the past were misappropriated and were not effective.

It is not yet known who got the IMF’s latest distribution of the said 8.9 million dollars, the announcement comes amid Somalia’s worst and deadliest Drought in decades.

Categories: Latest News

Tagged as:

Leave a Reply

Your email address will not be published. Required fields are marked *