European contributes €1 million EUR to IMF Somalia Trust Fund * Mareeg.com somalia, World News and Opinion.
Mareeg Media
Somalia

European contributes €1 million EUR to IMF Somalia Trust Fund

Nairobi, Mareeg.comThe EUhas contributed €1 million EUR to the International Monetary Fund (IMF) Somalia Trust Fund as part of its long-standing commitment to support economic governance and capacity development in Somalia. The EU support will contribute to normalizing relations with the International Financial Institutions (IFIs) and lay the groundwork for an eventual resumption of their financial assistance.  Somalia is currently ineligible to receive any IMF financial assistance given its $328 million in arrears with the Washington – based institution.

 

The Somalia Trust Fund is one of the tools which is supporting crucial reforms and helps Somaliain itsefforts to build key economic institutions and develop its macroeconomic policies. The Trust Fund intends to provide over USD 9 million worth of technical assistance and training up to 2018. The EU’s contribution provides further boost to the capacity of the trust fund and to the pace of the reforms.

 

‘After more than two decades, Somali people urgently need to see improvement in their everyday life. The IMF Somalia Trust Fund will support key economic and financial reforms and pave the way to normalizing relations with the International Financial Institutions and resuming financial assistance. A lot has been done already, and I hope the next Somali Government accelerates the pace of reforms ‘, said the EU Head of Delegation and Ambassador to Somalia Veronique Lorenzo.

 

The IMF recognised the current Somali government three years ago and concluded its first annual review of the country in more than 26 years in 2015.

 

Get real time updates directly on you device, subscribe now.

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Do NOT follow this link or you will be banned from the site!