Somalian central bank gains support from IMF and World Bank
World Bank is funding technical upgrades while IMF provides “informal” advice
The Central Bank of Somalia is receiving funding from the World Bank to upgrade its technical capacities and advice without financial aid from the International Monetary Fund.
On May 27, the IMF announced it had approved a staff-monitoring programme for Somalia, effective from the earlier date of May 16.
The initiative would have four key goals for monetary and financial reform, the IMF said. The first being to maintain a floor on the central bank's net foreign assets, while the second involved
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