The European Union approved in full its first ever budget support operation in the Federal Republic of Somalia. Amounting to a total of €100 million to be disbursed from the fourth quarter of 2018 until 2021, this budget support will be channelled through the Federal Government using country systems.
Implementation will start in October following an agreement on safeguard measures
The approval of this budget support programme is part of a broader international response to the Federal Government of Somalia's positive track record on policy reform and implementation. It comes a day after the World Bank announced its first International Development Assistance (IDA) financing for the Federal Government in more than 30 years, worth $80 million, and follows a recent positive interim assessment by the IMF.
The EU is committed to support the country to achieve its development objectives in line with the National Development Plan. This coupled with the formalization of the economy and the debt relief could propel the country into a new era of prosperity.
:siilaanyosmile:
Implementation will start in October following an agreement on safeguard measures
The approval of this budget support programme is part of a broader international response to the Federal Government of Somalia's positive track record on policy reform and implementation. It comes a day after the World Bank announced its first International Development Assistance (IDA) financing for the Federal Government in more than 30 years, worth $80 million, and follows a recent positive interim assessment by the IMF.
The EU is committed to support the country to achieve its development objectives in line with the National Development Plan. This coupled with the formalization of the economy and the debt relief could propel the country into a new era of prosperity.
:siilaanyosmile: