The International Monetary Fund (IMF) has released a new report on Somalia’s debt relief, especially the 4th review process (Article-IV) of the debt relief program (ECF) held in Nairobi and Washington. The head of the IMF, Laura Jaramillo, spoke on the Somali government’s efforts to implement and complete the debt relief process, and said that if these efforts continue, the debt relief that has been going on for many years will be achieved.
“If Somalia continues to make steady progress towards reforms, it can reach the final stage of the international debt forgiveness process,” she said. Jaramillo also said the steps Somalia is taking will allow it to reduce its debt to around $550 million from $5.2 billion. She also added that Somalia still needs continued and urgent support from international friends, to help them. On the other hand, the Minister of Finance, Mr. Elmi Mohamud Noor, welcomed the report issued by the IMF, and declared that the government will continue its efforts to implement the Somalia debt relief program.
“We are happy with the report issued by the International Monetary Fund (IMF) that talks about the good results of the 4th review process (Article-IV) of the Debt Relief Program (ECF) from these meetings. happened in Nairobi and Washington DC,” said the minister of finance of the Somali government. In recent years, the federal government has spent a lot of time on the debt relief program, which is important for the country, in order to receive international investment.
Federal Government of Somalia
The Minister of Finance of the Federal Government of Somalia Dr; Elmi Mohamed Noor said that the latest report issued by the International Monetary Fund (IMF) on the 4th review process of Somalia’s debt relief program is very welcome. “I am happy with the report issued by the International Monetary Fund (IMF) that talks about the good results of the 4th review process (Article-IV) of the Debt Relief Program (ECF), which was held in took place between the cities of Nairobi and Washington DC, said the Minister.
The Minister said that this report shows the efforts of the Somali Government in financial reform and economic development, through a difficult period in which the country is recovering from drought and food shortages. The Minister of Finance said that the government is committed to redouble its efforts to develop the country’s economy and financial reform, in order to reach the final point of debt relief.