The Somali Congress of Trade Unions (SOCOTU) is delighted to extend a warm welcome to the International Monetary Fund (IMF) staff and celebrate the successful completion of the Staff-Level Agreement for the Sixth Review under the Extended Credit Facility (ECF) with the Federal Republic of Somalia
The Somali authorities have continued to make progress toward meeting the conditions for achieving the Heavily Indebted Poor Countries (HIPC) Completion Point in December 2023, at which time Somalia’s external debt would be reduced to less than US$600 million in net present value terms, compared to US$5.2 billion at end-2018; The authorities remain committed to continue advancing reforms to strengthen key economic institutions and promote macroeconomic stability and inclusive growth. Continued support from international partners is imperative to support these efforts.
This remarkable achievement marks a significant turning point in Somalia’s economic journey, underlining the unwavering commitment of both SOCOTU and the IMF to fostering economic stability and growth in our beloved nation.
The Sixth Review under the Extended Credit Facility (ECF) represents a vital stride in Somalia’s pursuit of economic recovery and resilience. SOCOTU commends the relentless dedication of the IMF staff and the Somali government in reaching this agreement, an accomplishment that will undoubtedly yield far-reaching positive impacts on our nation’s economic landscape.
Key highlights of this momentous achievement include:
Economic Stability: The successful conclusion of this review underscores Somalia’s steadfast commitment to implementing sound economic policies and reforms, contributing significantly to economic stability and resilience, even in a challenging global environment.
Investment in Human Capital: SOCOTU recognizes the immense importance of this agreement, as it paves the way for Somalia to make further investments in human capital development. This, in turn, will lead to improved living standards and enhanced opportunities for workers in Somalia.
Enhanced Trade Union Engagement: SOCOTU eagerly anticipates continued collaboration with the Somali government and international stakeholders. We are dedicated to ensuring that the benefits of our economic progress are distributed equitably, and we remain unwavering in our commitment to safeguarding the rights and interests of workers across Somalia.
SOCOTU extends its heartfelt gratitude to all stakeholders who played a crucial role in this remarkable accomplishment. We stand resolute in our mission to advocate for workers’ rights, champion social justice, and promote economic prosperity for the people of Somalia.
- Distributed by APO Group on behalf of International Monetary Fund (IMF)