Somalia borrows more loans from the IMF

Photo/Somali Times

Acting Somali Minister of Finance Abdirahman Duale Beyle attended the annual meeting of the IMF and the World Bank, which took place on a long-distance basis.

The week-long conference was also attended by all Arab finance ministers, according to a statement from the opening of the conference. After the meeting, Beyle had a private meeting with World Bank Vice President for Africa Hafez Ghanem and IMF Director Kristalina Georgieva as part of the opening session.

The special meeting between the caretaker Minister of Finance and these officials focused on economic reform, the completion of the debt forgiveness process and the impact of the Covid-19 pandemic.

‘The fruitful efforts of the Ministry of Finance and a economic reform have opened the door for us to support Somalia,” Beyle said in a statement posted on his Facebook page.

According to IMF on March 24, 2021, the Executive Board of the International Monetary Fund granted additional interim assistance to Somalia under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative in an amount of SDR 0.68 million (about US$ 0.97 million).

The International Monetary Fund (IMF) has recently approved additional financial assistance to Somalia.