International Monetary Fund (IMF) staff reached a staff-level agreement with Somalia that will allow the release of about $10 million to the East African country, once approved by the board, Somali National News Agency (SONNA) reported on Tuesday.
IMF mission chief Laura Jaramillo said the deal came after an in-person review of Somalia’s Extended Credit Facility in Nairobi, Kenya.
“The 2023 budget is aligned with the Extended Credit Facility objectives and the medium-term fiscal framework. Higher domestic revenues will be supported by the implementation of 2023 budget measures. Mandatory expenditure will remain contained, while social benefits are expected to expand financed by project grants,” she added.
The IMF’s board is expected to review the staff-level agreement in early December, Jaramillo said.
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