Somalia’s finance minister, Abdirahman Beileh Duale said the country has passed a milestone in its effort to get the trust of international financial institutions.
A five-day meeting between the ministry and officials from IMF and World Bank was concluded in Kenya’s capital city, Nairobi.
The sides deeply discussed Somalia’s proposed currency printing which the country wants to be materialized within this year.
Beileh said Somalia has passed the trust” factor with international creditors after the country worked around the clock to regain the faith of the IMF and World Bank.
He noted that Somalia needs to be supported to move with the clearance of arrears sometime next year.
The minister said Somalia concluded Staff Monitoring Programme (SMP) with the International Finance Institution.
He pointed out that Somalia is bound to ascertain its efforts to work closely with IMF and other partners in the process of debt relief.
“We are concluding another successful SMP with the IMF. Somalia is committed to working with the IMF and all partners in achieving a speedy debt relief process under the HIPC (Heavily Indebted Poor Countries) process. I’d like to thank all my colleagues, our President and PM as well as the IMF country team,” said Beileh in a twitter post.
Beileh said development and reconstruction projects by the international donors will be channeled through the federal government.
He said even if NGOs have to implement the projects, the government will set the priority and will monitor.
In the first quarter of this year, the Somali government reported collecting $42.5 million in domestic revenue, the highest in a single quarter in recent history.
In February this year, the government introduced a new 5 percent sales tax on businesses to further boost income.
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