President Farmajo welcomes IMF report on Staff-Monitored Program for Somalia

President of the Federal Republic of Somalia, H.E. Mohamed Abdulahi Farmajo on Tuesday welcomed International Monetary Fund’s(IMF) report on the Staff-Monitored Program for Somalia that was released on Sunday, December 10, 2018, SONNA reported.


“Our Government is truly committed to taking Somalia forward. I welcome the positive IMF statement on SMP III performance so far. It is a sign of our Commitment and effort bearing fruit. We will work even harder as to deliver success for our people”, Mr. Farmajo said.

IMF said  in its report that the Somali authorities have made considerable progress in implementing steps to support the launch of the new national currency, showing support for the Somali authorities’ effort to continue reaching out to donors to secure funding for the currency reform project.

“The IMF stands ready to continue supporting Somalia’s reform agenda and capacity development needs by intensifying technical assistance and training in areas of its expertise, particularly on (1) budget preparation and administration; (2) public financial management, including treasury, arrears, and debt management; (3) tax policy and administration; (4) national accounts and government financial statistics; (5) AML/CFT and correspondent banking relationship; (6) banking licensing and supervision; and (7) central bank organization and currency reform”. It said.


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