Somalia requests IMF for financial support extension

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The President of Somalia Mohamed Abdullahi Farmaajo (C) delivers a speech during the Somalia National Army's (SNA) 62nd anniversary in Mogadishu on April 12, 2022.   -  

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By Africanews

Last updated: 49 minutes ago

Somalia

Somalia's government has asked the International Monetary Fund, IMF, to extend its financial support by three months to August 17th.

In February the IMF warned that Somalia's delayed legislative and presidential elections risked the renewal of the three-year budget support programme worth nearly $400 million.

Presidential elections have now been set for May 15th.

IMF's mission head, Laura Jaramillo, acknowledged the request but did not clarify whether the automatic expiration of the programme will be extended.

The conclusion of negotiations for renewal of the programme is also a required part of a deal to slash Somalia's debt from more than $5 billion to around a 10th of that.

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