The International Monetary Fund's executive board has approved a financing ...
FILE PHOTO: International Monetary Fund Managing Director Kristalina Georgieva speaks at a news conference following the"1+6" Roundtable meeting at the Diaoyutai state guesthouse in Beijing, China November 21, 2019. REUTERS/Florence Lo
The financing plan includes cash grants from member countries and IMF internal resources, she said, without providing any further details of the financing package. Those funds will be used to clear Somalia’s arrears to the IMF. A decision unlocking debt relief could come as soon as members provided the necessary financial commitments, assuming Somalia’s government continued its strong reform efforts, she added, without giving a specific date.
Somali’s finance minister, Abdirahman Duale Beileh, welcomed the news in a posting on Twitter, adding, “We are grateful to all partners for their continued support in our journey to debt cancellation. We will march on with economic reforms.”
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