The International Monetary Fund on Monday said it had renewed dialogue with Somalia after a 22-year break linked to unrest and political instability. An IMF fact-finding mission met Somali authorities over the past week in Nairobi, the IMF said, following the Fund's recognition of the Somali government in April. The two sides "held constructive discussions to explore ways in which the Fund can provide policy advice and technical assistance to Somalia," the global lender said in a statement.
"This important step will allow Fund staff to work with the Somali authorities to set up a mechanism under which international assistance can be prioritized and co-ordinated." In April, the IMF took the first step in resuming relations with Somalia by formally recognising the government of President Hassan Sheikh Mohamud, which took office in September 2012.
The IMF move had followed other support for the Somali government from the United Nations, the African Union, the European Union, the Organisation of Islamic Co-operation and a number of IMF member countries. Somalia, one of the world's poorest countries, has been enmeshed in civil conflict and chronic fighting between warlords since the fall of dictator Mohamed Siad Barre in 1991. The transitional government, backed by an African force, faces continued violence from the al Qaeda linked Shebab Islamist militant group.
The IMF said that Somalia faced significant economic challenges. "Its economy has traditionally relied on fishing and agriculture. As it gradually emerges from a prolonged period of internal strife, few economic activities have survived, and much is needed to place it on the path to recovery," the IMF said.
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