Somalia secures IMF approval after successful fourth review of debt relief reforms
Somalia’s Minister of Finance, Bihi Imaan Egeh, welcomed the IMF Executive Board’s approval of the fourth review of the country’s debt relief program, noting the Government’s strong reform achievements and growing domestic revenue efforts. The IMF confirmed 40 million dollars in support as Somalia continues implementing key fiscal and economic reforms aimed at strengthening national resilience and long term growth.
The Minister of Finance of the Federal Government of Somalia, Bihi Imaan Egeh, has warmly welcomed the decision issued by the Executive Board of the International Monetary Fund regarding the successful completion of the fourth review under Somalia’s debt relief program and the country’s continued progress in rebuilding its domestic revenue system.
According to the IMF report, the Government of Somalia has maintained strong reform momentum and delivered notable fiscal progress despite facing major global challenges, including a significant reduction in external aid. For the first time, Somalia is planning to expand social sector spending using domestic revenue to help mitigate the impact of declining foreign assistance.
As a result of the Government’s sustained reforms led by the Ministry of Finance, the IMF Executive Board approved 40 million dollars in support to help advance the ongoing economic reform agenda and strengthen national resilience.
Minister Biixi Imaan Egeh stated that the Government of Somalia remains firmly on the right path, implementing key reforms that enhance financial stability, strengthen governance and support long term economic growth. He reaffirmed the Government’s commitment to building a stronger and more self-reliant national economy.
