Somalia: First Review Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia
IMF Staff Country Reports, November 30, 2020
Source details
- Canonical URL
- Somalia: First Review Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia
Other formats
Bibliographic details
- Published: November 30, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513562612.002
Overview and context
- Soon after reaching the HIPC Decision Point and embarking on a new IMF-supported program aimed at supporting the implementation of the authorities’ National Development Plan and lifting growth, Somalia was hit by a triple shock of flooding, desert locusts, and, importantly, the coronavirus pandemic.
- Prompt action by the authorities and support from the international community has helped mitigate the impact on peoples’ lives and livelihoods.
- These shocks have had a significant impact on economic activity, exports, and domestic fiscal revenues.
IMF engagement and program focus
- Program instrument: Extended Credit Facility (ECF)-supported program.
- Program objective: Support implementation of the authorities’ National Development Plan and lift growth.
- Relevant subject areas listed: Asset and liability management, External debt, International organization, Monetary policy, Public debt, Public financial management (PFM), Revenue administration.
- Keywords reflecting program emphasis: Budget planning and preparation, Debt relief, ECF arrangement, ECF-supported program, executive board discussion, Global, implementation of the Extended Credit Facility, Somali authorities.
Notable summary points
- The report highlights the timing: program launch soon after HIPC Decision Point, followed by the triple shock (flooding, desert locusts, coronavirus pandemic).
- Impact channels emphasized: economic activity, exports, and domestic fiscal revenues.
- The report credits prompt government action and international support with mitigating impacts on lives and livelihoods, while documenting material macroeconomic and fiscal effects.
Somalia: First Review Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia
Content in this bundle
- 1somea2020005 - Executive Summary