Somalia Signs $80 Million Pre-Arrears Financing Grants with the World Bank
The Minister of Finance Dr. Abdirahman Dualeh Beileh signed an $80 million Pre-arrears financing Grant with the World Bank Country Director Bella Bird in Mogadishu on October 31st 2018.
This Grant will continue to finance some of the core functions of government including civil service salaries, intergovernmental fiscal transfers and it will provides additional resources for basic social services investment in education and health.
The grant comprises of $60 million of Recurrent Cost and Reform Financing (RCRF) and $20 million support towards Public Financial Management and strengthening Domestic Revenue Mobilization.
Minister Beileh attributed this historic pre-arrears Grant assistance to the ongoing success of the fiscal and economic reforms under the IMF SMP3 program and the strong partnership between the Somali Federal Government, the World Bank and donors.