3.7%

In a recent development, the International Monetary Fund (IMF) Executive Board completed a thorough review of Somalia's Extended Credit Facility (ECF) arrangement. They have approved an immediate fund disbursement of approximately $10 million to assist the country's economic policies and reforms. This decision comes after significant strides made by Somalia in its reform agenda, with a focus on bolstering economic growth and stability. Somalia's real GDP growth is forecasted to increase to 3.7% in 2024, up from 2.8% in…

In Mogadishu, the International Monetary Fund (IMF) has approved a $10 million disbursement to support Somalia's economic reforms. Somalia is projected to have a real GDP growth of 3.7% in 2024, up from 2.8% in 2023, driven by agriculture and increased remittances. The IMF praised Somalia's progress in fiscal sustainability, revenue strengthening, and governance improvement. Somalia reached the Completion Point under the Heavily Indebted Poor Countries (HIPC) initiative in December 2023, resulting in a significant reduction…