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PRESS RELEASE

Spain’s contribution to the Specific Account for Somalia of the International Monetary Fund

18 de diciembre de 2020
On 15 December, the Council of Ministers of Spain approved a contribution of 4,074,536.54 euros to the Specific Account for Somalia of the International Monetary Fund (IMF). This contribution strengthens Spain’s commitment with the political stability and the economic progress of Somalia, whose authorities have made a significant effort during the last few years in order to reestablish its economic and financial relations with the international community. These efforts bore fruits, and in March 2020 Somalia joined the IMF’s Heavily Indebted Poor Country Initiative, which allows the African country to access to debt relief.
In December 2019, the IMF adopted the funding package for Somalia, with a proposal that included debt relief by the IMF´s member States. The participation of Spain in this programme follows the line of the Council of Ministers decision of 2007 to cancel the debt of heavily indebted poor countries contracted prior to 2004.

Spain announced its intention to do this contribution of over 4 million euros during the Somalia Partnership Forum held in Mogadishu on 7 December 2020. With this contribution, Spain strengthens its commitment with Somalia in a global situation of financial hardship due to the pandemic.

Spain leads the European Union’s Naval Force in the Horn of Africa, Atalanta Operation, against piracy and that protects ships of the World Food Program and AMISOM, the African Union Mission in Somalia. Furthermore, Spain is one of the leading contributors to the European Union Training Mission to Somalia, whose aim is to provide military training to Somali Armed Forces.

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