Press Release: IMF Recognizes the Federal Government of Somalia After 22-year Interval
IMF News, April 12, 2013
Source details
- Canonical URL
- Press Release: IMF Recognizes the Federal Government of Somalia After 22-year Interval
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Bibliographic details
- Published: April 12, 2013
Key announcement
- Press Release No.13/119
- Date: April 12, 2013
- The International Monetary Fund (IMF) recognized the Federal Government of Somalia, headed by President Hassan Sheikh Mohamud.
- Recognition paves the way for the resumption of relations after a 22-year interval.
- Recognition allows the IMF to offer Somalia technical assistance and policy advice.
Background and international context
- Somalia has been an IMF member since August 1962.
- Somalia has been in a state of civil war since the early 1990s, during which there was no government with which the Fund could deal.
- A new Federal Government of Somalia, led by Federal President Hassan Sheikh Mohamud, took office in September 2012.
- The new administration has enjoyed considerable support from the United Nations, the African Union, the European Union, the Organization of Islamic Cooperation, and many IMF member countries.
Financial and operational status
- Somalia is currently ineligible to borrow from the Fund due to its outstanding arrears, which currently amount to SDR 233.8 million (about US$352 million).
- Recognition enables IMF engagement through technical assistance and policy advice, though borrowing remains precluded by arrears.
IMF contact information (as listed in the release)
- IMF EXTERNAL RELATIONS DEPARTMENT
- Public Affairs / Media Relations
- E-mail: publicaffairs@imf.org; media@imf.org
- Fax: 202-623-6220
- Phone: 202-623-7100
IMF Press Release No.13/119, April 12, 2013