Why Somalia risks losing funding by IMF

Why Somalia risks losing funding by IMF

The International Monetary Fund (IMF) on March 7 renewed its warning that funding for Somalia could be cut off if the government continues to delay elections in the troubled Horn of Africa nation.

The polls have been delayed for more than a year and the government on February 26 again extended the voting deadline in the lower house of parliament.

“Timely resolution of the political uncertainty and successful completion of elections is critical to avert the automatic lapse of the IMF-supported program,” the International Monetary Fund said in a statement following virtual consultations with Somali officials.

The IMF’s program in Somalia is due for a review in mid-May, but a new administration may not be in place in time to endorse planned reforms.

The four-year mandate of President Mohamed Abdullahi Mohamed expired in February of last year, but the scheduled elections were delayed when he tried to extend his term.

Somalia is struggling to recover from decades of civil war and has also been battling a militant insurgency for decades.

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Lawrence Baraza is a prolific writer with competencies in Digital Media, Print, and Broadcast. Baraza is also a Communication Practitioner currently spearheading Digital content on Metropol TV's Digital Desk.

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