Somalia seeks three-month extension of its IMF support programme

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NAIROBI (Reuters) -Somalia’s authorities has requested the International Monetary Fund (IMF) to increase its monetary support by three months to Aug. 17, the pinnacle of the IMF’s nation mission instructed Reuters.

The Washington-based fund warned in February that Somalia’s delayed legislative and presidential elections put the renewal of the three-year price range support programme, price practically $400 million, in danger of automated expiration this month.

The presidential election, which is carried out by lawmakers, is now set for May 15. The authorities has written to the IMF’s board asking for extra time to conclude talks on the price range support programme’s renewal, mentioned Laura Jaramillo, IMF’s mission head.

“The extension is anticipated to supply the time wanted to verify coverage understandings with the brand new authorities after presidential elections are accomplished,” she mentioned.

She didn’t touch upon whether or not the automated expiration of the programme will probably be prolonged. Officials at Somalia’s ministry of finance and the central financial institution weren’t instantly accessible for feedback.

The conclusion of negotiations for renewal of the programme can also be a required half of a deal to slash Somalia’s debt from greater than $5 billion to round a tenth of that.

(Reporting by Duncan Miriri; Editing by William Mallard and Michael Perry)



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