Somalia: Poverty Reduction Strategy Paper-Joint Staff Advisory Note

March 26, 2020

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Somalia: Poverty Reduction Strategy Paper-Joint Staff Advisory Note, (USA: International Monetary Fund, 2020) accessed September 20, 2024

Summary

This Joint Staff Advisory Note on the Poverty Reduction Strategy Paper discusses that Somalia has made noteworthy progress since 2012 to recover from decades of conflict and state fragmentation. The country has succeeded in rebuilding core state capabilities and organized two democratic national elections in 2012 and 2017. Somalia has now reached the stage where it seeks to fully reengage the international community and is requesting debt relief through the heavily indebted poor countries initiative. The authorities developed the Ninth National Development Plan (NPD9) through a highly consultative, participatory process that ensured full country ownership. The macroeconomic policy objectives of NDP9 are to promote economic growth in an environment of low inflation, sustainable fiscal and current account balances, and healthy foreign exchange reserves. The IMF staff recommends updating framework to incorporate greater support for poverty reduction and additional financing from development partners during the interim period. The IMF staff supports the authorities’ commitment to issuing new Somali shilling banknotes, while maintaining de facto dollarization.

Subject: Budget planning and preparation, Fiscal governance, Fiscal policy, Poverty, Poverty reduction strategy, Public financial management (PFM)

Keywords: Africa, Budget planning and preparation, Connections to the RRF, Core government function, CR, Debt management, East Africa, Fiscal governance, Global, Government, Government structure, ISCR, NDP topic, NDP9, Poverty reduction strategy, Private sector, Somali government

Publication Details

Pages:

16
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2020/087
Stock No:

1SOMEA2020004
ISBN:

9781513538358
ISSN:

1934-7685

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