Somalia: 2019 Article IV Consultation-Second Review Under the Staff-Monitored Program, and Request for New Staff-Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for Somalia

August 1, 2019

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Somalia: 2019 Article IV Consultation-Second Review Under the Staff-Monitored Program, and Request for New Staff-Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for Somalia, (USA: International Monetary Fund, 2019) accessed November 8, 2024

Summary

This paper discusses Somalia’s 2019 Article IV Consultation, Second Review Under the Staff-Monitored Program (SMP), and Request for New SMP. Program implementation of SMP III has been strong, with all but one structural benchmark and all indicative targets met. The authorities have requested a new 15-month SMP to cement reforms and support reaching the Heavily Indebted Poor Country decision point as soon as the necessary conditions are met. The new national development plan will outline the authorities’ priorities with respect to poverty reduction and inclusive growth. The consultation focused on policies to support higher and more inclusive growth, strengthen the medium-term fiscal framework, deepen the financial sector, increase economic resilience, and improve governance and the business environment. Discussions highlighted the need to implement a durable fiscal federal framework, establish a robust framework for effective natural resource management, and develop the medium-term fiscal framework. However, security and political risks, and climate shocks remain the main sources of risk.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Arrears, Banking, Crime, External debt, Public debt, Public financial management (PFM)

Keywords: Africa, Anti-money laundering and combating the financing of terrorism (AML/CFT), Arrears, Authority, CR, Donor support, GDP data, Government priority, Holding, ISCR, Somali authorities, Somali shilling, Sub-Saharan Africa, U.S. dollar banknote

Publication Details

Pages:

111
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/256
Stock No:

1SOMEA2019003
ISBN:

9781513509464
ISSN:

1934-7685

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