The International Monetary Fund (IMF) Executive Committee on June 17th finalized the second and third review of the extended loan system (ECF) in Somalia.
The commission's decision will enable the immediate disbursement of SDR 14 million (approximately US $ 18.8 million), bringing the total cost to Somalia under ECF and EFF to SDR 271.4 million (approximately US $). 384.3 million).
The International Monetary Fund (IMF) has said that Somalia has passed the key criteria for debt relief from poor countries, making it the 37th country in the world to reach this level of debt forgiveness.
The International Monetary Fund (IMF) has praised Somalia's achievements in debt forgiveness, saying it has worked hard to get there and urged the country's financial institutions to be transparent in all steps.
President Hassan Sheikh Mohamud's government managed to end the IMF crisis in less than a month after taking office, and it became clear that Farmajo was to blame for Somalia's economic woes.
Corruption and misappropriation of public funds during Farmajo's rule were among the reasons for the crisis in Somalia, where the drought-stricken poor could not be tackled, leaving the government's coffers empty.
Farmajo misappropriated government funds, bribed, and distributed them to lawmakers he wanted to vote for. Farmajo should be prosecuted for his crimes and rampant corruption in the country.
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