Somalia: Enhanced Heavily-Indebted Poor Countries (HIPC) Initiative-Preliminary Document
IMF Staff Country Reports, February 13, 2020
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- Somalia: Enhanced Heavily-Indebted Poor Countries (HIPC) Initiative-Preliminary Document
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Bibliographic details
- Published: February 13, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513530208.002
Eligibility and reform track record
- Somalia can be eligible for debt relief under the Enhanced HIPC Initiative as per the agreement by the IMF.
- The document recognizes Somalia’s sustained commitment to key economic and financial reforms under consecutive staff-monitored programs with the IMF.
- Helping Somalia achieve debt relief and unlock access to the needed resources to increase growth and reduce poverty is a key priority for the IMF.
Debt-relief framework and creditor involvement
- Upon reaching the Completion Point, Somalia would qualify for:
- unconditional debt relief under the HIPC Initiative;
- debt relief under the Multilateral Debt Relief Initiative (MDRI) from the World Bank's International Development Association and the African Development Fund;
- beyond-HIPC assistance from the IMF.
- Paris Club creditors are also expected to provide further beyond-HIPC assistance at the Completion Point.
Projected impact on debt burden
- With HIPC, MDRI and beyond HIPC assistance, Somalia’s NPV of debt-to-exports ratio is projected to change as follows:
- 491.7 percent in 2018
- 57.0 percent in 2027
- 41.5 percent in 2038
Subject focus and keywords
- Subjects covered include: Arrears, Asset and liability management, Debt relief, Debt service, Debt service ratios, External debt, Financial institutions, Stocks.
- Keywords include: Arrears, authority, Club creditor, CR, Debt relief, Debt service, Debt service ratios, Enhanced HIPC Initiative, ISCR, public finance management, reform, reform agenda, Somali authorities, Somalia's eligibility, Stocks, sustained commitment.
Publication metadata (selected)
- Pages: 52
- Volume: 2020
- Issue: 044
- Series: Country Report No. 2020/044
- DOI: https://doi.org/10.5089/9781513530208.002
- ISBN: 9781513530208
- ISSN: 1934-7685
International Monetary Fund. Middle East and Central Asia Dept. "Somalia: Enhanced Heavily-Indebted Poor Countries (HIPC) Initiative-Preliminary Document", IMF Staff Country Reports 2020, 044 (2020), February 13, 2020, https://doi.org/10.5089/9781513530208.002.
Content in this bundle
- Executive Summary