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Home Aid

Resumption of EU budget support payments to Somalia

Emmanuel Chilamphuma by Emmanuel Chilamphuma
July 20, 2022
in Africa, Aid, Somalia
Reading Time: 1 min read
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The European Union (EU) has disbursed EUR 13.5 million in budget support to the Federal Government of Somalia

This payment of EUR 13.5 million to the national treasury is part of a EUR 92.9 million budget support and debt relief programme for Somalia financed by the EU and first agreed in 2018. Such assistance is composed of fixed and variable instalments, the latter depending on the progress made with an agreed set of economic and social reforms.

Also read: Foreign banks issued licenses in Somalia for the first time

President Hassan Sheikh Mohamud recently expressed his commitment to pursue political, security and economic reforms

EU direct support to the federal budget is aimed at supporting the implementation of Somalia’s National Development Plan (NDP-9) and supporting economic reforms towards achieving Completion Point under the Heavily Indebted Poor Countries (HIPC) Initiative. With this payment, the amount disbursed to Somalia under this programme reaches EUR 71.9 million.

Also read: CrossBoundary secures US$40M equity to expand across Africa

EU Ambassador to Somalia, Ms Tiina Intelmann, noted: “President Hassan Sheikh Mohamud recently expressed his commitment to pursue political, security and economic reforms. This provides a basis for constructive engagement between Somalia and the EU. I am therefore glad to announce that today we have been able to resume our budget support operations. This is part of our commitment to support Somalia’s inclusive growth, reconciliation and state building efforts.”

Related

Source: EU Delegation to Somalia
Tags: aideconomic reformsEUEuropean UnionFederal Government of SomaliaHassan Sheikh MohamudHeavily Indebted Poor CountriesHIPCResumption of EU budget support payments to SomaliaSomaliaSomalia’s National Development Plan (NDP-9)Tiina IntelmannСомалиالصومالソマリア索馬里
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Emmanuel Chilamphuma

Emmanuel Chilamphuma

Emmanuel is the founder and principal of Sarko Partners, a UK-based business development agency bridging opportunities between the UK and key African markets. He has developed his career as a Senior Africa-focused Analyst having held positions in different private investment groups operating in Subsaharan Africa. Emmanuel also holds a position at FurtherMarkets where he manages a number of Business Development initiatives connecting Southern Africa to foreign markets, particularly the UK, the US, and the European Union. Emmanuel was born in Zimbabwe to a Malawian family and grew up in London. He holds an International Economic Law degree from the University of London.

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