IMF recognises new Somalian government

Saturday 13 April 2013 22.51
IMF recognises Somalian government after 22-year break
IMF recognises Somalian government after 22-year break

The International Monetary Fund has announced that it is recognising Somalia's new government after a 22-year break in relations with the once-chaotic country.

The move is part of a general push by the US, UN and the West toward encouraging rehabilitation there.

The US formally recognized the African nation's new government in January.

This was the first time the US had recognized a Somali government since 1991, when warlords overthrew long-time dictator Siad Barre and then turned on one another.

The UN Security Council in March voted unanimously to partially suspend an arms embargo on Somalia for 12 months for military equipment intended solely to develop the country's security forces and provide security for the Somali people.

Earlier this month, President Barack Obama cleared the way for the US to arm and train Somali forces.

The IMF announced it was recognizing the Somali government of President Hassan Sheikh Mohamud, who took office last September.

The move will allow the IMF to offer Somalia technical assistance and policy advice.

But the IMF said Somalia will not be able to borrow IMF funds until it repays some $352 million in arrears that it owes the agency.

A relative peace has returned to Somalia's war-battered capital of Mogadishu since African Union forces ousted al-Shabaab - a militant group loosely associated with al-Qaida - from the city over 18 months ago.

But al-Shabaab rebels are not yet defeated, and the US remains concerned about the threat the group could pose to the region's stability.

Keywords: imf, somalia

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