This web page provides information in on the activities of the Office, views of the IMF staff, and the relations between Somalia and the IMF.

April 13, 2016

Somalia Res Rep and Lagarde Following a meeting with the Somali authorities in Washington, D.C. today, Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), made the following statement: “It has been a great pleasure to discuss Somalia’s reform priorities with Minister of Finance Mohamed Adan Ibrahim, and Central Bank Governor Bashir Issa Ali.

“I congratulated the Somali authorities for reaching an agreement with IMF staff on a Staff-Monitored Program (SMP), marking another milestone in normalizing relations with international financial institutions. I welcome the renewed engagement with the IMF, which will allow us to provide much-needed advice and assistance to continue to rebuild institutions, improve governance and help the reconstruction of the country. More generally, Somalia will also need the continued support of the international community.”

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At a Glance: Somalia's Relations with the IMF 

October 17, 2017

Economic prospects for the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) and Caucasus and Central Asia (CCA) regions are diverging. Despite the strengthening global recovery, the outlook for MENAP countries remains relatively subdued due to the continued adjustment to low oil prices and regional conflicts. In contrast, the outlook for the CCA region is improving, supported by the more favorable global environment. In both regions, efforts to promote growth-friendly fiscal consolidation, stronger monetary policy frameworks, economic diversification and private sector development should continue. The window of opportunity arising from various integration initiatives and the favorable external environment call for increasing trade openness, while the adoption of financial technologies could increase financial inclusion and facilitate greater access to credit. Together, these actions will help MENAP and CCA countries to secure higher and more inclusive growth.
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Office Activities

  • Financial Governance Report

    This report sets out the financial governance priorities the Financial Governance Committee (FGC) believes need to be addressed in the coming year to strengthen state-building efforts going forward.

    May 12, 2017

  • IMF-SOMALIA Trust Fund for Capacity Development

    In the past three years, Somalia has begun to recover from the civil war, which ravaged the country’s economy and decimated key state and economic institutions such as the Ministry of Finance, the Central Bank, and the National Statistics Office...

    December 6, 2016

  • IMF praised at the HLPF for its support to Somalia -- Communiqué

    Representatives from 46 countries and 11 international organisations gathered inIstanbul on 23 and 24 February 2016 to participate in the third Ministerial High‐Level Partnership Forum (HLPF)

    February 24, 2016

  • Somalia is Back! Op-ed

    Oped by Samba Thiam, IMF’s Resident Representative to Somalia

    July 1, 2015

  • Somalia: At the Crossroads of Peril and Opportunity

    Despite very challenging conditions, Somalia has managed to achieve considerable progress since it resumed relations with the Fund in April 2013. Sustained growth and development will require continuous international support and capacity building, but the success of Somalia will ultimately rest on the strength of its people – and this they have in abundance.

    February 2, 2015