Somalia Seeks $40M IMF Boost

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Somalia requested $40 million from the IMF to address budget shortfalls and sustain reforms under its Extended Credit Facility. The agreement, reached after discussions in Mogadishu, awaits IMF board approval. If endorsed, the funds will be released in two tranches to cushion the economy against aid cuts and climate shocks. The IMF praised Somalia’s fiscal discipline and reform progress, noting 4.1% growth in 2024, with projections of 3% in 2025 and 3.3% in 2026.