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IMF recognized Somalia’s New Government after a 22-Year Break

Apr 14, 2013 16:45 IST

The International Monetary Fund announced on 12 April 2013 that it recognised Somalia's new government after a 22-year gap in relations with the country. This step is a part of a general push by the United States, United Nations and the West toward encouraging rehabilitation there. It will allow the IMF to offer Somalia technical assistance and policy advice. However, Somalia will not be able to borrow IMF funds until it repays its 352 million US dollars in arrears that it owes the agency.

The U.S. formally recognized Somalia’s new government in January 2013, the first time the U.S. had recognized a Somali government since 1991, when warlords overthrew dictator, Siad Barre.

The U.N. Security Council in March 2013 voted unanimously to partially suspend an arms embargo on Somalia for 12 months for military equipment. This was done with the objective of developing somalia’s security forces and providing security for its people.
Earlier this month, President Barack Obama cleared the way for the U.S. to arm and train Somali forces. The Somali government of President Hassan Sheikh Mohamud, came into power in September 2012.

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Read more Current Affairs on: IMF , Somalia , New Government

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