IMF disburses $10 million to Somalia, commends strong reform progress

The Executive Board of the International Monetary Fund (IMF) has agreed to an immediate disbursement of US$10 million to Somalia for budget support, bringing Somalia’s total disbursement under the Extended Credit Facility (ECF) to US$50 million.

The Deputy Managing Director and Acting Chair, Antoinette Sayeh, commended the Somalian authorities for maintaining strong reform momentum after reaching the completion point under the Heavily Indebted Poor Countries (HIPC) Initiative in December 2023.

She said that Somalia’s performance under the Fund-supported Extended Credit Facility Arrangement has been strong and the authorities’ continued strong ownership of the reform agenda will be important to build resilience, promote inclusive growth, and reduce poverty. Continued and timely support from development partners is also critical for the successful implementation of the reform strategy.

Antoinette Sayeh emphasized that the authorities are focused on building capacity in the petroleum sector and implementing its legal framework. Addressing food insecurity, building climate resilience, and enhancing trade integration are central to ensuring Somalia’s long-term development.