Wednesday, June 12, 2024
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IMF executive board concludes the first review of the extended credit facility for Somalia  

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The Executive Board of the International Monetary Fund (IMF) completed the first review of the Extended Credit Facility (ECF) arrangement for Somalia. The Board’s decision enables the immediate disbursement of SDR 7.5 million (about US$ 10 million), which will be channeled for budget support, bringing Somalia’s total disbursement under the Extended Credit Facility (ECF) to SDR 37.5 million (about US$ 50 million). 

Somalia’s ECF arrangement was originally approved by the Executive Board on December 19, 2023. The program supports the authorities’ reform strategy, after achieving the completion point under the Heavily Indebted Poor Countries (HIPC) initiative, to further strengthen key economic institutions and promote macroeconomic stability and growth. This is in line with Somalia’s national development plan and the government’s long-term vision to maintain economic stability, strengthen revenues and public financial management, promote financial deepening, improve governance, and enhance statistics. (Press Release)

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