Somalia: IMF Lauds Financial Reform and Debt Relief Efforts

8 December 2022
Shabelle Media Network (Mogadishu)

The IMF praised the Somali Government for the progress made in the process of financial reform and debt relief.

The International Monetary Fund has released an evaluation report on the ECF (Extended Credit Facility) program for Somalia's financial reform and debt forgiveness process.

IMF said that the Federal Government of Somalia has exceeded all the conditions set to advance the process of reforming the Somali economy known as ECF which is also a process to guide Debt Forgiveness issues.

The Executive Committee of the IMF, which issued this report, praised the Federal Government of Somalia for the implementation of the reform of the financial system to increase domestic income and suggested that more efforts should be made in tax policy and administrative reform, including customs modernization and the new income tax law.

The Executive Board of the IMF noted that the performance of the economic reform program was strong, and praised the continuous progress made by the Government in the Progress of the Debt Relief Program (HIPC) which paves the way for the achievement of the end of the year 2023 for the completion of the Debt Forgiveness.

"The IMF's Article 4 negotiations and the fourth review of the Somalia/ECF Debt Relief Project show a strong change in the economy as the country is affected by climate change and the global economic crisis. faced" said the report of the IMF Executive Committee.

Minister of Finance of the Federal Government of Somalia Dr. Elmi Mohamud Noor welcomed the report on the fourth review of the ECF Debt Relief Program and the restructuring of Somalia's economy.

"We welcome the report from the Executive Committee of the IMF on the results of the meetings and consultations we held on the fourth revision of the ECF Program for the reform of the country's financial system and completion. Debt Forgiveness issues in Somalia.

The report shows a strong change in the economy as the country is affected by the conditions caused by climate change and the global economic crisis", said the Minister of Finance of Somalia.

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