Norway hails Somalia for signing agreement with IMF.
The Norwegian government has congratulated Somalia for reaching and subsequently signing an agreement with the International Monetary Fund (IMF). Somalia reached an agreement with IMF staff on the second and third reviews of the Extended Credit Facility (ECF). The Somali Minister of Finance Dr. Abdirahman Beileh described ECF as the “basis for successful economic reforms in Somalia.” Norway Embassy in Somalia commended Somalia for staying on track with the IMF program despite the myriad of challenges that bedevilled the Horn of Africa Nation. Norway said the agreement now opens avenues for Somalia to scores of possibilities of receiving finances for its economic and social development from the its Friends and Partners. Norway reiterated its commitment to continue supporting fiscal reforms in Somalia. "Well done, #Somalia! Despite many challenges you stayed on track with the IMF program. This opens many possibilities for financing of Somalia’s economic and social development. Norway will continue to support Somalia’s financial reforms and mechanisms for accountability." read the statement. IMF extended budget support to Somalia for 3 months. The 3-yr program, worth 400 million budget support was expected to expire on May 17 and threatened to fizzle out after the East African Nation failed to conclude long overdue elections on time. IMF predicts that Somalia's economy would expand by 2.7% in 2022, down from 3.2% forecast in Feb. but higher than the 2% achieved in 2021.