IMF Executive Board Approved 100 Million For Somalia

[Dalac Bilaash]

IMF Executive Board Approves US$100 Million Under a New Extended Credit Facility (ECF) Arrangement for Somalia

 

[GaradShabeel]

So the IMF loan is intended to be used for budget support?

 

[SamaaleCushite]

IMF Executive Board Approves US$100 Million Under a New Extended Credit Facility (ECF) Arrangement for Somalia

why bother most will go to ngo , qabiil and politicians elites and almost none will go to locals
That is if ever the imf does send out the money. If the government was smart it would get rid of ngos but ngos are the ones who lobby for these deals as no one trusts suit wearing somali beggars. Sad situation our people are in and we have ourselves to blame.

 

[Dalac Bilaash]

why bother most will go to ngo , qabiil and politicians elites and almost none will go to locals
That is if ever the imf does send out the money. If the government was smart it would get rid of ngos but ngos are the ones who lobby for these deals as no one trusts suit wearing somali beggars. Sad situation our people are in and we have ourselves to blame.

İt's not going to NGO I will be transferred to the ministry of Finance.

 

[Nin123]

 

[SamaaleCushite]

İt's not going to NGO I will be transferred to the ministry of Finance.

I hope that was the case but the reailty is most likely in tune with what i said earlier.

I belive in no somali 'xildhibaan' or waziir most of them are not that dedicated to the people.

 

[_Yusuf_]

View attachment 308015

Gotta make his cheeks more chubby and his face more rat like.

 

[Pastoralist]

Corrupt government right now. Not the time for this.

 

[Revolutionarry]

That's peanuts man! What are we going to do with that?

 

[Bazed]

View attachment 308015

Where do you generate these?

 

[Zob]

I thought the conditions were they're not allowed to get any loans for 3 years???

 

[Zob]

What this government needs to do is focus on developing critical domestic institutions like the Central Bank where the government can then go and get low-interest loans for itself, but they going to the IMF to get high interest loans after it's just been written off, putting it right back into the debt trap cycle

 

[Ahlubayt]

Unukaa leh.
At least- 4.5 halu qaybsado.
Mise waa Unukaa leh

 

[Thegoodshepherd]

İt's not going to NGO I will be transferred to the ministry of Finance.

Even worse. NGOs are much less corrupt than Somalia’s Ministry of Finance. Most corruption takes place at the MoF.

This is a 3 year, 0% interest loan.
The next government after HSM’s will have to pay this back Dec 2026.

This will mostly be spent on salaries for (mostly ghost) FGS employees in Banadir. There is little interest within the FGS for borrowing for infrastructure, as that makes corruption visible.

 

[johnsepei5]

Even worse. NGOs are much less corrupt than Somalia’s Ministry of Finance. Most corruption takes place at the MoF.

This is a 3 year, 0% interest loan.
The next government after HSM’s will have to pay this back Dec 2026.

This will mostly be spent on salaries for (mostly ghost) FGS employees in Banadir. There is little interest within the FGS for borrowing for infrastructure, as that makes corruption visible.

The whole 100million
Aren’t fgs employees paid about 1,500$?

 

[Thegoodshepherd]

The whole 100million
Aren’t fgs employees paid about 1,500$?

2023 budget for the Ministry of Agriculture of a starving country:

Pay attention to the column on the right with the red underlined, that's 2023.
0.20% of the budget, and 75% never leaves Banadir as it is employee compensation.
There are entire ministries that are basically make-work for the relatives/friends of Hawiye politicians.

70% of the budget is foreign aid. When donors see how dumb your priorities are from your published budget, they will get weary and stop donating so much.