Somalia’s corrupt regime has received 100 million dollars worth of new loans from the IMF

File Photo/Somali Times

The IMF’s executive committee has officially approved 100 million dollars in new loans to Somalia.

This new loan builds on progress made so far, including the completion of Somalia’s debt relief, and reforms to strengthen key economic institutions.

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The International Monetary Fund (IMF) has said that continued financial support and development from international partners to Somalia is essential to support Somalia’s economic growth and reform efforts.

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“The program will support the country’s post-debt reform strategy, to further strengthen key economic institutions and promote economic stability and growth,” the IMF said in a statement.

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The IMF said in November that they reached a preliminary agreement with the government of Somalia, the agreement was about giving the country $100 million dollars, as a loan to support the government’s budget.

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The Executive Committee’s decision to approve the new program was made after the recent announcement that most of Somalia’s debts were forgiven.