The International Monetary Fund and Somalia reach a preliminary agreement on the Fund’s programs

A team from the International Monetary Fund and the Somali authorities reached an agreement at the staff level regarding the fourth review under the Extended Credit Facility arrangement.

The International Monetary Fund stated – in a statement today, Sunday – that the final approval of the fund’s arrangement facilitates access to $40 million, to be disbursed in equal installments at the conclusion of the fourth and fifth review of the IMF, which raises the total Payments under the arrangement amounted to about $100 million.

The Fund pointed to strong growth of 4.1 percent last year, amid weak economic prospects for the current year with significant reductions in foreign aid and negative climate shocks.

• For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and