20.12.2023, 20:18
The IMF has allocated a loan to Somalia in the amount of $100 million for three years
Source: OREANDA-NEWS
OREANDA-NEWS The Executive Board of the International Monetary Fund (IMF) has approved a new three-year agreement under an expanded credit line for Somalia in the amount of about $100 million, $40 million will be paid immediately. This is reported by the Somali portal Shabelle Media.
Earlier, the IMF, together with financial partners, decided to allocate $4.5 billion to service Somalia's external debt.
According to the publication, in 2022, 54% of the Somali population lived on less than $2 a day. The current economic growth is insufficient to reduce poverty, meet social needs and create enough jobs for young people. Somalia is very vulnerable to climate shocks that damage economic growth and hinder poverty reduction efforts, the publication notes.
Earlier, the IMF, together with financial partners, decided to allocate $4.5 billion to service Somalia's external debt.
According to the publication, in 2022, 54% of the Somali population lived on less than $2 a day. The current economic growth is insufficient to reduce poverty, meet social needs and create enough jobs for young people. Somalia is very vulnerable to climate shocks that damage economic growth and hinder poverty reduction efforts, the publication notes.
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