The International Monetary Fund (IMF) has lauded Somalia’s sustained economic reform progress, bringing Mogadishu closer to debt relief.

In a statement issued on Monday evening, the lender said Somalia has enacted several critical bills, including on revenue, public financial management, and anti-corruption crucial for economic reforms.


IMF team, led by Allison Holland which last week met Somali authorities to discuss recent economic developments and reform progress, said Somalia’s sustained commitment to economic reforms brings debt relief under the heavily indebted poor countries (HIPC) Initiative closer.

“The mission welcomed the authorities’ ongoing efforts to deepen inter-governmental fiscal relations at both political and technical levels,” Holland said.

She said domestic revenue collection of Somalia has remained strong, with domestic revenues through November 2019 reaching 194.6 million U.S. dollars, relative to a full-year target for 2019 of 196 million dollars.

Holland said the Somali authorities and IMF staff team reached a preliminary agreement on policies that could constitute the basis for a new three-year macroeconomic reform program with the IMF.

Holland said key policy pillars of this new program will include further strengthening public financial management; continuing to increase domestic revenue mobilization; continuing deepening of capacity at the central bank, and further efforts to enhance governance and reduce the perception of corruption. Enditem


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