Somalia: IMF sets up fund for Capacity Development
The initiative aims at improving macroeconomic institutions, policies, and data systems.The International Monetary Fund (IMF) has launched a multi-donor trust fund to deliver capacity development in Somalia.
The Somalia Trust Fund's focus is to support the Somali authorities' efforts to build key economic institutions and develop capacity for prudent macroeconomic policies. It also provides a forum to coordinate ongoing efforts with, and among, donors and other technical assistance providers.
This initiative comes as the country is emerging from a long period of civil war that has lasted for a generation and the IMF said the delivery of capacity development to meet Somalia's vast needs requires a long-term approach.
The fund will help improve macroeconomic institutions, policies, and data systems and will provide over $9 million worth of technical assistance and training to Somalia over the next three years, the IMF said in a statement.
It will be involved in three areas of the IMF's expertise: fiscal operations, central banking, and statistical systems.
The IMF's Legal Department will produce additional work plans on anti-money laundering and fiscal legislation over the coming year.