Somalia: IMF Approves Program for Economic Reconstruction of Somalia

Christine Lagarde, International Monetary Fund managing directo,r has approved a program of Somalia rebuilding, the IMF said in a press release on Friday.

International Monetary Fund (IMF) managing director Christine Lagarde has approved a program to help rebuild Somalia, the IMF said in a press release on Friday.

“The SMP [Staff-Monitored Program] is geared toward reestablishing macroeconomic stability, building capacity to strengthen macroeconomic management, rebuilding institutions, and improving governance and economic statistics,” the IMF stated.

The approved IMF policy will focus on currency reform, strengthening bank system and enhancing anti-money-laundering framework, among other measures, according to the press release.

Somalia has been experiencing violence since the country devolved into civil war in the early 1990s. The state’s collapse provided a breeding ground for warlords, pirates and the al-Qaeda affiliated al-Shabaab terrorist group.