MUQDISHU (SD)-The Executive Board of the IMF has completed the first review of Somalia’s debt relief program, approving the immediate disbursement of up to $10 million to support Somalia’s economic policies.

This assistance will be directed through the government of Somalia’s budget, bringing the total financial support from the IMF to Somalia to $50 million.

The IMF also noted that Somalia’s economic growth is expected to increase to 3.7 percent in 2024, compared to 2.8 percent in 2023.

The IMF stated that this support aligns with Somalia’s national development plan and the government’s long-term goals of maintaining economic stability, enhancing revenue generation, and improving financial management.

In December of the previous year, Somalia achieved a significant milestone when it was relieved of a substantial portion of its debt. The IMF and the World Bank indicated that Somalia now has a favorable opportunity to secure international grants and substantial investments.