{"id":11866,"date":"2023-03-22T07:25:58","date_gmt":"2023-03-22T07:25:58","guid":{"rendered":"https:\/\/sooha.org\/en\/?p=11866"},"modified":"2023-03-22T07:50:58","modified_gmt":"2023-03-22T07:50:58","slug":"imf-reaches-staff-level-deal-with-somalia","status":"publish","type":"post","link":"https:\/\/sooha.org\/en\/2023\/03\/22\/imf-reaches-staff-level-deal-with-somalia\/","title":{"rendered":"IMF reaches staff-level deal with Somalia"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>MOGADISHU &#8212;<\/strong> The International Monetary Fund (IMF) said it has reached a staff-level agreement with Somalia on the fifth review under the extended credit facility (ECF) arrangement.<\/p>\n<p style=\"text-align: justify;\">The IMF said in a statement released Monday that the agreement will allow the lender to release some funds to Somalia once approved by the IMF board.<\/p>\n<p style=\"text-align: justify;\">IMF mission chief Laura Jaramillo said despite significant challenges, including from the continued severe food crisis, Somalia has maintained strong reform momentum and program performance has been satisfactory.<\/p>\n<p style=\"text-align: justify;\">Jaramillo said economic activity has been weighed down by the drought and slowing global growth, and risks remain elevated. &#8220;Timely financing and capacity development support from development partners is essential for the successful implementation of the authorities&#8217; reform strategy,&#8221; she said.<\/p>\n<p style=\"text-align: justify;\">The IMF downgraded the gross domestic product (GDP) growth estimate for 2022 and projections for 2023 by a quarter percent to 1.7 percent and 2.8 percent, respectively, due to the prolonged drought and subdued remittance inflows.<\/p>\n<p style=\"text-align: justify;\">It said average inflation reached 6.8 percent in 2022 due to high food and fuel prices and is expected to decline to 4.2 percent in 2023 as commodity prices recede.<\/p>\n<p style=\"text-align: justify;\">According to the IMF, near-term risks are elevated, including a worsening of the food crisis if healthy rains do not resume in 2023 or if commodity prices rise further.<\/p>\n<p style=\"text-align: justify;\">Jaramillo said the authorities are committed to continuing to improve revenue collection and make room for priority spending while containing discretionary expenditure pressures in 2023.<\/p>\n<p style=\"text-align: justify;\">She said the government will submit to parliament a supplementary budget for 2023 that presents a balanced fiscal position based on realistic revenues.<\/p>\n<p style=\"text-align: justify;\">Jaramillo said contributions from Somalia&#8217;s partners to the Somalia Country Fund are critical to ensure the smooth delivery of IMF technical assistance to support the goals of the ECF-supported program and the Heavily Indebted Poor Countries (HIPC) Initiative, a global debt forgiveness process.<\/p>\n<p style=\"text-align: justify;\">&#8220;The authorities reached debt relief agreements with most Paris Club members and the Kuwait Fund for Arab Economic Development (KFAED) and continue to seek agreements with other bilateral creditors,&#8221; Jaramillo said.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #ff0000;\"><strong>Source: Xinhua\u00a0 \u00a0 Origin: <a href=\"https:\/\/english.news.cn\/20230321\/178bc73fb4d14efbb77c1183929be6cf\/c.html\" target=\"_blank\" rel=\"nofollow noopener sponsored ugc noreferrer\"><span style=\"color: #0000ff;\">View original<\/span><\/a><\/strong><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MOGADISHU &#8212; The International Monetary Fund (IMF) said it has reached a staff-level agreement with Somalia on the fifth review under the extended credit facility (ECF) arrangement. The IMF said in a statement released Monday that the agreement will allow the lender to release some funds to Somalia once approved by the IMF board. IMF &hellip;<\/p>\n","protected":false},"author":1,"featured_media":11868,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,1],"tags":[],"class_list":["post-11866","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-development","category-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sooha.org\/en\/wp-json\/wp\/v2\/posts\/11866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sooha.org\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sooha.org\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sooha.org\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sooha.org\/en\/wp-json\/wp\/v2\/comments?post=11866"}],"version-history":[{"count":2,"href":"https:\/\/sooha.org\/en\/wp-json\/wp\/v2\/posts\/11866\/revisions"}],"predecessor-version":[{"id":11869,"href":"https:\/\/sooha.org\/en\/wp-json\/wp\/v2\/posts\/11866\/revisions\/11869"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sooha.org\/en\/wp-json\/wp\/v2\/media\/11868"}],"wp:attachment":[{"href":"https:\/\/sooha.org\/en\/wp-json\/wp\/v2\/media?parent=11866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sooha.org\/en\/wp-json\/wp\/v2\/categories?post=11866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sooha.org\/en\/wp-json\/wp\/v2\/tags?post=11866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}