Somalia: Staff Report for the First Review Under the Extended Credit Facility Arrangement, and Requests for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Somalia
IMF Staff Country Reports, June 10, 2024
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- Somalia: Staff Report for the First Review Under the Extended Credit Facility Arrangement, and Requests for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Somalia
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Bibliographic details
- Published: June 10, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400277993.002
Growth outlook and macroeconomic projection
- Real GDP growth is expected to rise to 3.7 percent in 2024 compared to 2.8 percent in 2023.
- Growth drivers cited: continued recovery in agriculture, greater remittances, and higher investment.
Program performance and institutional reforms
- Somalia has continued to advance its reform agenda and program performance has been strong.
- Ongoing reforms to strengthen central bank institutional capacity are described as commendable.
- Policy emphasis on enhancing statistics to support policymaking.
Fiscal and public financial management priorities
- Policy priorities include:
- Maintain fiscal sustainability.
- Strengthen revenues and public financial management.
- Promote financial deepening.
- Improve governance.
Monetary, exchange rate, and currency reform considerations
- Careful formulation of the monetary and exchange rate policy frameworks is important in the context of the planned currency reform.
Sectoral capacity building and natural resources
- Authorities are focused on building capacity in the petroleum sector and implementing its legal framework.
Resilience, inclusion, and external integration
- Measures to bolster inclusive growth and strengthen resilience are important.
- Addressing food insecurity, building climate resilience, and enhancing trade integration are central to ensuring Somalia’s long-term development.
Somalia: Staff Report for the First Review Under the Extended Credit Facility Arrangement, and Requests for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Somalia
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