MOGADISHU -- Somalia owes the International Monetary Fund (IMF) $328 million and no new loans will be given until some arrangement is agreed upon on how this debt is to be serviced. Recently an IMF mission led by Rogerio Zandamela was in the country. He said last week, “The IMF is for now precluded from providing new loans to Somalia, pending clearance of the country’s arrears of about $328 million.
“But we can advise the authorities on appropriate macroeconomic policies, including in the context of a staff-monitored program, which is a kind of ‘shadow program’ involving a dialogue with the IMF on economic policies but which offers no financing.”
Zandamela said Somalia has much potential. “They have natural resources, including gas and petroleum, fisheries, and more. Proper management of these natural resources is vital to the country’s success.”
| Killing all the Shaboobs would help, as would ferreting out a significant proportion of the graft and corruption. |
|