IMF Staff Visit Financial Sector Developments and Reforms (CBS and FRC)
On April 07, 2021, IMF Staff visits virtual meeting regarding Somalia Financial Development and Reforms was held via zoom. The meeting was attended Central Bank of Somalia (CBS) and the Financial Reporting Centre (FRC) to share with IMF reform progress made during the period from the last IMF staff visit as part of reform benchmarks to achieve full Somalia debt relief.
CBS and FRC have made remarkable progress during the reporting period in attaining all agreed reform benchmarks under the extreme deadly of COVID-19 and political challenges. FRC Director Madam Amina Mohamed along with FRC team presented a number of reform activities during this period including completion of the National Risk Assessment (NRA) and attended by Deputy Prime Minister H.E. Mahdi Guleid and FRC Stakeholders representing 9 Ministers in preparation of 2024 Mutual Evaluation by FATF.
NAMLC meeting held on January 24, 2021, to harmonize two competing regulations initiated and presented by CBS and FRC. FRC also presented its plan to expand FMS.
Finally, IMF applauded CBS and FRC for their activities to improve Somalia financial reforms and encourage FRC to continue the good work.