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IMF recognizes Somalia government

  • The International Monetary Fund (IMF) has recognized the government of Somalia after ceasing relations 22 years ago.

    The move paves the way for the IMF to provide technical support and policy guidance to the Horn of Africa nation.

    However, the IMF will not lend money to Somalia until it clears a $352 million debt owed to the organisation.

    "The International Monetary Fund today recognized the federal government of Somalia, headed by President Hassan Sheikh Mohamud, paving the way for the resumption of relations after a 22-year interval," the IMF said in a statement on Friday.

    Somalia has been an IMF member since August 1962 but years of civil war meant there was no government that the fund could deal with.

    In recent months, international donors and governments have started to rebuild ties with Mogadishu following Mohamud's election last year.

    The US officially recognized Somalia in January, praising the new government's attempts to end the insurgency by Islamist militants, al-Shabab.

    Explore the geography of Somalia through Somalia Map

    Tagged as: Somalia news, IMF, world news, Somalia government