IMF Deputy Managing Director Antoinette Sayeh welcomed Somalia’s President, Hassan Sheikh Mohamud, at the IMF’s HQ in Washington, DC.
The Executive Board of the International Monetary Fund (IMF) today, December 13, completed the sixth and final review of the Extended Credit Facility (ECF) arrangement for Somalia. The Board’s decision enables the immediate disbursement of SDR 7 million (about US$ 9.3 million), bringing Somalia’s total disbursement under the ECF and the Extended Fund Facility (EFF) approved in 2020 to SDR 292.43 million (about US$ 388.7 million).
The Executive Board of the IMF, as well as the Executive Board of the World Bank’s International Development Association (IDA), also approved the Heavily Indebted Poor Countries (HIPC) Initiative Completion Point for Somalia, which provides total debt service savings for the country of US$4.5 billion (see Press Release No. 23/438).
The IMF Executive Board also considered a new 3-year arrangement under the ECF for Somalia in an amount of SDR 75 million (about 45.9 percent of quota, about US$100 million). Because a member cannot have two ECF arrangements effective at the same time under the PRGT instrument, the new ECF would only come into effect once the current ECF expires.
To read the full press release, click here.