Somali Finance Minister Abdirahman Duale Beileh (center) is seen flanked by participants of International Monetary Fund (IMF) and World Bank meetings last week in Washington.
Somalia’s finance minister said the country is winning in its effort to get the trust of international financial institutions and could receive debt relief as early as next year.
Abdirahman Duale Beileh, who participated in the spring meeting of the International Monetary Fund (IMF) and World Bank last week in Washington, said Somalia has “passed [the] trust” factor with international creditors following roundtable meetings.
“They [IMF] have submitted their assessment, and they said Somalia has passed,” he said. “Somalia can be trusted. Somalia is back. And Somalia has to be supported to move with the clearance of arrears sometime next year.”
Somalia owes an estimated $5.5 billion to international creditors, the Paris club, the non-Paris club and other international financial institutions. Beileh said those groups are working to see Somalia cleared of its debts next year.
“They are all moving together in tandem, but they all agree that sometime next year, everything will be done,” he said during an interview in VOA studios in Washington. “Countries and organizations are also promising a pre-arrears clearance fund to be established for the assistance of Somalia.”
Somalia and the IMF signed staff-level agreements aimed at monitoring Somalia fiscal reforms and increased revenue. Beileh said the government has successfully completed two IMF staff-monitored programs.