The International Monetary Fund (IMF) has released the evaluation report of the 5th review of the Extended Credit Facility (ECF) Program on the process of financial reform and debt relief in Somalia.
The Federal Government of Somalia has made significant progress in meeting the requirements of the Debt Relief Program (ECF) despite security, economic and food shortage challenges. The government has now passed the 5th review process.
The IMF has assessed that the Government of Somalia is required to reduce the use of unavoidable expenses, focusing on priority issues and first of all strengthening the increase of domestic income.
The Federal Government of Somalia has been praised for its commitment to the continuation of financial reform, strengthening the rules of the Tax Administration and National Procurement, which are important for raising the country’s income. The IMF also praised the Somalia Parliament for passing important regulations for the development of Somalia’s finances and economic efficiency.
Somalia’s Minister of Finance Dr. Elmi Mohamud Nur welcomed the IMF’s report on the assessment of the 5th review process regarding the terms of the ECF Program for Debt Relief in Somalia.
