“Authorities have remained steadfast in their commitment to economic reforms, meeting all structural benchmarks for the first review,” the press release said.
Domestic revenues for the financial year until June were US$99 million against a target of US$ 109 million, the Fund said, but it was willing to waive that because Somalia had been hit by locusts, flooding and COVID-19.
Somalia is reorganising the Central Bank, and making reforms in customs and tax collection, the Fund said.
“Somalia is on the right track,” Finance Minister Abdirahman Duale Beileh told Reuters . “The government’s commitment to its economic and fiscal roadmap, guided by the IMF program, is clear.”
The impoverished Horn of Africa nation has been ripped apart by civ…
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