IMF provides Somalia with $10 million to reduce poverty, boost growth

Prime Minister visits power stations in Aden, directs implementation of measures to increase generation

Prime Minister Salem Saleh Bin Breik conducted Sunday a field visit to several electricity generation stations in Aden to inspect their current conditions.

Gaza Death Toll Rises to 55,297 Amid Ongoing Israeli Aggression

The death toll from the Israeli genocidal war on the Gaza Strip since October 7, 2023, has risen to 55,297, with 128,426 injured, the Ministry of Health in afflicted Palestinian enclave said. The majority of the victims are women and children.

U.S. President plans to increase tariffs on steel, aluminum imports

U.S. President Donald Trump confirmed his intention to increase tariffs on foreign imports of steel and aluminum from 25% to 50%, which will increase pressure on steel producers worldwide and threaten to escalate his trade war.

Portugal Wins UEFA Nations League Title

Portugal claimed its second UEFA Nations League title after defeating Spain 5-3 in a penalty shootout, following a 2-2 draw after extra time. The match, held in Munich, Germany, saw both teams create scoring opportunities, but it was Portugal's precision in the penalty shootout that ultimately secured the victory.

Last Update: ، 2025/06/16 Time 06:55:41
Latest News:

Newly Appointed Judges to Supreme Court Take Oath of Office

Health Minister Chairs Expanded Meeting of Medical Emergency Committee

Leadership Council Chairman Holds Phone Call with Djiboutian President

UN envoy calls on Security Council to exert maximum pressure on Houthis to release UN staff

Yemen Expresses Aspiration for Genuine and Sustainable Peace Based on Agreed upon References

IMF provides Somalia with $10 million to reduce poverty, boost growth

[11/12/2024 01:42]

WASHINGTON-SABA
The International Monetary Fund (IMF) has approved the disbursement of $10 million to Somalia to boost the country's economic reforms.

The IMF said in a statement that the latest funding "brings Somalia's total disbursement under the current program, the Extended Credit Facility, originally approved in December 2023 to $60 million.

The IMF added that its Executive Board "has completed the 2024 Article IV consultation and the second review under the Extended Credit Facility for Somalia."

The IMF expects Somalia's real GDP growth to rise to 4 percent for 2024 and 2025 on the basis of strong exports and remittances "amid high risks, including regional and domestic security developments, commodity prices and climate shocks."