Connect with us

Economy

IMF foresees Somalia’s economic growth at 3% in 2019

Published

on

IMF foresees Somalia’s economic growth at 3% in 2019

IMF said on Tuesday the country’s inflation could ease to 3 per cent from 3.2 per cent over the same period.

Somalia has been in turmoil since 1991, when clan-based warlords overthrew Siad Barre and then turned on each other.

Over the past decade it has been hit by famine and sporadic terror attacks by al Qaeda-linked al Shabaab.

“Somalia’s economy continues to recover, supported by vigorous activity in the construction, telecommunications, and financial services sector in 2018,” Allison Holland, who lead an IMF team discussing Somalia’s Article IV programme, said in a statement.

“But the outlook remains vulnerable to the still fragile security situation, climate shocks and the still developing institutional capacity, and more is needed to improve economic resilience, increase employment and reduce poverty.”

An Article IV consultation is part of the IMF’s mandate to scrutinise the economic, financial and exchange rate policies of its members.

Joseph Idika: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.com.ng

Contact US: editor @nnn.com.ng, nnnnews247 @gmail.com

Assembly sets up committee on water shortage in Kano state New Zealand’s opposition party chooses new leader after Muller resignation Seasonal Malaria Chemoprevention: Borno, WHO deploy 8,000 community health workers Man, 38, docked over alleged N1.55m fraud Organisation distributes prosthetics to 120 indigents NCDC Protocol Compliance not lockdown, best solution to Coronavirus, says medical expert Tokyo Games likely to be less extravagant, JOC chairman says Taraba NUJ urges govt officials to stop harasment of Juornalists Austrian bans flights from Balkans to avoid imported virus cases Court remands man for allegedly battering policeman on duty Alleged sexual abuse: Court admits Ghanaian to N10m bail Man docked for alleged disturbance of public peace, international insult Schools reopening: WHO official calls for data-based Coronavirus strategies YouTube blocks accounts linked to extremist Identitarian movement Environmentalist ticks out govt. for inability to enforce environmental policies Gov. Okowa, family test negative for Coronavirus – Official Coronavirus: Jigawa Govt. offers tax holiday to SMEs FRSC warns park operators, commuters against violating Coronavirus protocols Coronavirus: Bauchi parents engage their wards in online training to check idleness Coronavirus: Specialist hospital commends union for suspending strike Palestinian baby with heart problems dies after contracting Coronavirus Coronavirus:  Niger Govt. warns residents against flouting directives FUT Minna ASUU holds virtual workshops, seeks more funds for education Farmer, 29, remanded for alleged armed robbery Court remands carpenter for allegedly robbing a Magistrate Rotary club president pledges more services to humanity Coronavirus remains number one public enemy – WHO Nigeria’s bourse simplifies capital market investment with comic book Ondo 2020: Group wants political parties to pick Ilaje indigene as governorship candidates Logger in court for allegedly cheating businessman of N14m Facebook selects 12 African community leaders for accelerator programme FRSC seeks Police, Civil Defense collaboration in Bayelsa Bureau tasks MDAs on financial discipline, accountability in Nasarawa Accident claims 2 lives on Lagos-Ibadan expressway  Commission donates relief materials to IDPs, vulnerable persons in Plateau NGO distributes food items, stoves to vulnerable households in Kaduna Adamawa Sexual Referral Centre urges parents to report cases of GBV Steer clear of Ogun LG elections, Students warn corrupt politicians Supreme Court strikes out suit against Virtual hearing Third Mainland Bridge closure: LASWA partners LASEMA, LSSC to ensure safe waterways NCWS celebrates Shoda at 70 Bayelsa govt. inaugurates committee on LG minimum wage Bauchi govt. upgrades child birth units, renovates health centres Police arrest another couple for causing grievous harm to daughter in Enugu Major shake-up in Nigerian Army as 37 Generals redeployed Ondo 2020: PDP constitutes LG Congress Committee for primaries   Nigeria inaugurates 2nd Voluntary Review Report on SDGs Oyo State records highest daily figure of Coronavirus infections Lagos Govt urges striking doctors to return to work Osun records 17 new Coronavirus cases