4/23/2024
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World Bank to Halt Somali Projects Over Audit Delays


Friday March 29, 2024

MOGADISHU - (HOL) - The World Bank has issued a warning to the Somali government regarding delays in submitting the audit report of projects financed by the World Bank.

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The report, which was due on June 30, 2023, has not yet been submitted. This delay could impact the new projects that the World Bank has planned for Somalia. 

“As you are aware, the financial closure of the World Bank projects on December 31, 2022, implemented by the Somali Federal Government and the member states of the Federal Government, has not been submitted to the Bank. This has resulted in a nine-month delay beyond the designated deadline of June 30, 2023, as defined in the Legal Agreements between the FGS and the World Bank,” a statement from the World Bank said.

The World Bank stated that if the financial closure of Somalia’s projects is not received within nine months from the set deadline, the Bank will take the following measures:

  1. World Bank projects will not continue.
  2. Planned projects will not commence.
  3. Grant disbursements will be halted.
  4. All negotiations planned for April 2024 will be postponed.
  5. Payment disbursements will stop.
  6. All funding and finances allocated for ongoing projects will be suspended.
  7. Those handling ongoing projects and those wishing to receive these funds will face a work stoppage.

However, there are currently three projects awaiting approval in April 2024, which the World Bank will finance.

The World Bank has informed the Somali government that the nine-month period ends on March 31, 2024, to avoid any adverse consequences from the delays in the financial closure of the World Bank projects in Somalia.



 





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