SOMALIA: Federal government requests IMF to extend budget support

Published: July 21, 2022

Somalia has requested the International Monetary Fund to prolong financial support to the Horn of Africa Nation to December 2023, its finance minister said.

In a letter to the IMF dated May 30 that was released publicly on Tuesday, Finance Minister Abdirahman Duale Beileh requested the extension for the program to reach its objectives.

The IMF had warned in February that the $400 million three-year budget support programme titled Extended Credit Facility, would expire if delayed elections prevented a new government taking office in time for a review by May 17.

Somalia elected a new president on May 15, ending a bitter political rift that had seen security forces splintering into factions.

Shortly after, the fund extended the support to August to give itself time to consult with the incoming government.

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