Somali Minister for Finance, Dr. Abdirahman Beileh on Wednesday held discussions with officials from World Bank and IMF in Washington of United States.
During the Spring Meetings between Somali delegates and World Bank together with IMF country teams, the leaders focused on Somalia’s fiscal and economic process in recent months.
Beile has commended the two agencies’ commitment to support Somali government which struggles to revive its defunct infrastructures.
” (I) Had fruitful discussions on Somalia’s fiscal & economic progress with World &IMFNews country teams during the Spring Meetings. grateful to both partners for the continuous support. We all agreed Somali is heading in the right direction,” said Beileh in a post on his Twitter account.
Somalia has succeeded to fulfill $42 million income target set by IMF late last year following years of economic setbacks caused by lack of transparency and mismanagement of Public funds.
Early this month, Beileh said his ministry marvelously succeeded to collect the highest revenues in a single quarter of a year for the first time since the fall of Somali central government two decades ago.
The ministry raised $42 million USD in domestic revenues following successful efforts to increase the sales taxes and other income revenues.
International Monetary fund last year praised the government’s commitment to carry out fiscal reforms saying the country’s latest budget met IMF terms.
The agency launched staff-monitored programme and adherence to the agency’s fiscal framework which opens doors grants and concessional funding from International financial institutions, thanks to the competence of the finance ministry.
The country’s last year budget approved by the parliament was standing at $274 million USD, the highest since Somalia adopted federalism.
Under tight scrutiny, the country is recovering slowly from two decades old civil war, plans to pay external debt of about $5.2 billion, according to IMF.
Somalia has not made a service or amortization payment since 1990s.
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