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IMF extends Somalia funding following election

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The International Monetary Fund has agreed to extend the duration of a crucial aid package to Somalia, a senior official said, following a long-overdue presidential election last weekend. The three-year $400-million (380-million-euro) aid package from the IMF had been set to automatically expire on May 17 if a new administration was not in place by then, with multiple election delays adding to the heavily indebted country’s turmoil. But last week the IMF Executive Board accepted the Somali government’s request for a three-month extension until August 17, giving newly-elected President Hassan S…

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