US: The long-delayed election risks Somalia’s economic reform

Last month, the World Bank has announced that all financial support will be suspended by mid-May unless Somalia receives a new government by that time. It seems the election could drag on for months.

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US: The long-delayed election risks Somalia’s economic reform

MOGADISHU, Somalia – The much-delayed election in Somalia is risking the country’s path to achieving successful economic reform and debt relief, said the U.S. embassy in Mogadishu on Monday.

During a meeting, the U.S. Ambassador to Somalia Lary Andre, and World Bank Country Director Kristina Svensson expressed concerns over the failure to complete the parliamentary electoral process on time.

They further stated that the continued political uncertainty and election delays will make it difficult for the war-torn country to access financial support from donors and put IMF’s support at risk of stalling.

Ambassador André and the World Bank Country Manager discussed the concern that Somalia’s successful economic reform agenda could suffer a reversal if a government is not in place soon,' the U.S. embassy tweeted.

The Continued international financial support and debt relief are at risk, it added.

Last month, the World Bank has announced that all financial support will be suspended by mid-May unless Somalia receives a new government by that time. It seems the election could drag on for months.

The debt owed by Somalia to external creditors is estimated to be more than $5.2 billion which barred the Horn of Africa nation from receiving loans and reintegrating into the global economy after decades.

The delayed election is also playing a major part in the current snags in Somalia as the militant group Al-Shabaab has resurged recently taking advantage of political chaos and electoral stalemate to attack.

The UN’s envoy to Somalia James Swan told the Security Council last month that national elections are now more than a year behind schedule and urged Somalia’s leaders must put aside their differences and urgently conclude a credible election process.

KEYDMEDIA English 

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