São Paulo – A delegation from the International Monetary Fund (IMF) met with Somali authorities and said this Thursday (18th) that the country’s economy is making “tremendous” strides, but still faces major challenges.
Gross Domestic Product (GDP) was up 3.7% last year and should see 2.7% growth this year. Growth should be sustained over the next few years due to rising revenues from sectors like agriculture, telecommunication and construction, and to progress in fields such as security.
Led by Rogerio Zandamela, the IMF staff convened with Somali authorities between June 8th and 18th in Nairobi, Kenya. The challenges enumerated by the mission chief include implementing measures to strengthen institution, increasing tax collection, and reducing dependence on donations from other countries, which make up more than 40% of Somalia’s national budget. The Fund forecasts a “significant” budget deficit for the country this year.
*Translated by Gabriel Pomerancblum
