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World Bank approves $ 55 million to sustain financial reforms in Somalia

Mogadishu (SD) – The World Bank’s Board of Directors has approved $ 55 million in International Development Assistance (IDA) to support Somalia’s economic recovery through budgetary and other policy changes.

This additional funding will help Somalia ease the impact of the COVID-19 crisis and continue to implement the DPF’s Policy Development Fund reform program.

“The budget support will help save lives and livelihoods and strengthen the capacity of Somali institutions to respond to the trivial COVID-19, wildfires and floods that threaten to disrupt Somalia’s rehabilitation program.” said Hugh Riddell, World Bank Manager for Somalia.

Somali Finance Minister Abdirahman Beileh, said the additional funding will help bridge the gap between public spending with a 29% reduction in domestic revenue and 2.5% of output in 2020.

The World Bank and the International Monetary Fund approved Somalia’s eligibility for the High Poverty Impact Program (HIPC) on March 25, 2020, removing barriers to economic growth and reducing poverty and providing access to IDA tools to reduce the impact. many problems in Somalia.

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