The International Monetary Fund said on Wednesday that its staff have agreed to deepen the Fund's engagement with Somalia through a 12-month program to assist and monitor the country's reforms of government operations and fiscal management.
Somalia deepen engagement, pave way for donor aid
"This is a significant milestone for Somalia, marking the move toward normalizing relations with international financial institutions," IMF mission chief Rogerio Zandamela said in a statement.
IMF, Somalia deepen engagement, pave way for donor aid
"The program will focus on policies to improve governance and fiscal management, strengthen institutions, foster financial sector development and fill considerable data gaps. Technical assistance and capacity building will be an integral part of the program," Zandamela said.
The so-called Staff-Monitored Program does not involve financial support to the war-torn African country, but is a necessary step toward a potential IMF loan program. It is expected to start in May pending IMF approval.
It sends a positive signal to international donors about Somalia's commitment to improve its governance. A similar program for Afghanistan has helped to mobilize billions of dollars in donation pledges.
ADVERTISEMENT
Somalia is one of the least developed countries in the world and is in the process of building a fully functioning government.
The program will aim to devise ways to increase government revenue and help its budgeting process. It will also initiate currency reform and strengthen licensing and regulation of commercial banks and money transfer businesses.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Gov Mbah plans befitting burial for Nollywood stars Mr Ibu, Junior Pope
Tinubu made naira world’s best, what PDP failed to do in 16 years - Onanuga
8 suspects disrupt inauguration of appointed commissioners at Kano Govt House
Yahaya Bello stripped of police protection as IG withdraws officers attached to him
No need to run when EFCC invites you, Cubana Chief Priest advises Nigerians
Immigration places wanted Yahaya Bello on watchlist, unveils his passport details
Oyo govt justifies demolition of Yoruba Nation agitators’ building
NAFDAC raids popular supermarket in Abuja for selling counterfeit products
Iranian morality police crack down on women who don't wear headscarves
Pulse Sports
Lionel Messi's son breaks the internet after scoring five goals for Inter Miami
Naija Stars Abroad: Onyedika, Boniface, and Osimhen shine across Europe
Victor Osimhen and Tobi Amusan make list of Forbes’ 30 under 30 Class of 2024
ADVERTISEMENT