Eastern AfricaSomalia/May 15, 2019/Agency Reporter /No Comment/130 views /Somalia Somalia: Economy On Right Path, but Still Vulnerable – IMFshare on:FacebookTwitter Google +Pinterest Tumblr Linked InEmailSend to Email Address:Your NameYour Email AddressEmail check failed, please try againCancel Growth in Somalia’s economy is expected to strengthen to 3% in 2019 from 2.8% last year, but it is vulnerable to destabilizing factors including fragile security, climate change, and poverty, the International Monetary Fund said on Tuesday. The Horn of Africa country has been in turmoil since 1991 when clan warlords overthrew President Siad Barre and then turned on each other. Over the past decade, it has been hit by famine and sporadic terror attacks by al Qaeda-linked militant group al Shabaab. ALSO READ Décès du Colonel Ascension TWAGIRAMUNGU (Communiqué de la famille)“Somalia’s economy continues to recover, supported by vigorous activity in the construction, telecommunications, and financial services sector in 2018,” Allison Holland, who led an IMF team there, said in a statement. The upbeat review from the IMF, which also forecast inflation would this year ease to 3% from 3.2%, is a sign that the government’s public finance reforms are on track, Finance Minister Abdirahman Duale Beileh said. “No matter how hard these reforms are they are good for our country and we are moving forward with them,” he told Reuters. ALSO READ Kagame Is A Mere Hiccup To Trade-Says Museveni The government has broadened the tax base and strengthened tax administration, boosting domestic revenue almost 30% to $184 million in 2018, and to $54 million for the first quarter of 2019, Holland said. The reforms are a key step toward accessing billions in international debt relief, and last year the World Bank approved $80 million in grants to fund financial reforms, the first disbursement to Somalia in 30 years. Holland cautioned that the economic outlook remained “vulnerable to the still-fragile security situation, climate shocks, and the still-developing institutional capacity.” More efforts were needed to “improve economic resilience, increase employment and reduce poverty,” she said ALSO READ Somalia: ICRC Returns to Ethio-Somali Region After 11 YearsThe IMF team discussed Somalia’s Article IV program, which scrutinizes a member state’s economic, financial and exchange rate policies. Minister Beileh said he expected Somalia to reach the “decision point” stage in the IMF and the World Bank’s debt relief process by early 2020. Leave A Comment Below Related Tags:Somalia share on: FacebookTwitter Google +Pinterest Tumblr Linked InEmailSend to Email Address:Your NameYour Email AddressEmail check failed, please try againCancel previous articleKano court declares appointment of new emirs null and void | The Guardian Nigeria News – Nigeria and World Newsnext articlePresidency boasts that Saraki, Dogara won’t happen againRelated PostsSomalia/May 24, 2019 /No Comment Somalia: U.S. Military Targets Isis-Somalia in Fifth Airstrike Since AprilSomalia/May 23, 2019 /No Comment Somalia: Death Toll From Mogadishu Car Bombings Rises to 12Somalia: Floating Restaurant Brings New Experience At Lido BeachKenya: Oil Blocks – Kenya Flexes Muscle in Row With SomaliaKenya: Forget Ransom for Cuban Doctors, Kenyan Government Tells Al-ShabaabSomalia: Al-Shabaab Claims Car Bomb Attack in Somali CapitalSomalia: Roadside Bomb Kills One, Injures Several Outside MogadishuSomalia: Five Dead in Somalia Car Bomb BlastKenya: Leaders Kicked Out of Kenya Diplomatic Spat Arrive in MogadishuKenya Rules Out Ransom Talks to Free Cuban Doctors From Shabaab Leave a Response Cancel reply CommentName Email Sign me up for the newsletter! Notify me of follow-up comments by email. Notify me of new posts by email.