PM hails IMF recognition of Somali government as milestone towards economic recovery

His Excellency Prime Minister Abdi Farah Shirdon said the International Monetary Fund’s decision to recognise the Somali government after a break of 22 years is “a major milestone in the country’s long road to economic recovery”.

On Friday the IMF recognised the federal government of Somalia, paving the way for the resumption of technical assistance, policy advice and ultimately – subject to arrears clearance – borrowing rights.

The Prime Minister welcomed the news as the latest in a series of developments supporting the government’s policy of strengthening relations with its international partners.

“The President is in Turkey today for talks with Somaliland, while I am returning from a visit to Djibouti, Uganda and Burundi. In less than a month we will be attending the Somalia Conference in London. The truth is that we are rejoining the community of nations and we must continue to demonstrate, both to Somalis and the world, that we justify this newfound confidence. There is much hard work ahead.”

The IMF said its decision was “consistent with broad international support and recognition of the Federal Government,” since His Excellency President Hassan Sheikh Mohamud took office last September. “The new administration has since enjoyed considerable support, including from the United Nations, the African Union, the European Union, the Organization of Islamic Cooperation, and many IMF member countries,” the Fund added.

Before Somalia can borrow from the Fund it must first clear outstanding arrears of approximately $352m. This issue will be at the heart of discussions at the forthcoming Somalia Conference in London on 7 May.

ENDS