Somalia: 2016 Article IV Consultation — Press Release; Staff Report; and Statement by the Executive Director for Somalia
IMF Staff Country Reports, February 27, 2017
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- Somalia: 2016 Article IV Consultation — Press Release; Staff Report; and Statement by the Executive Director for Somalia
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Bibliographic details
- Published: February 27, 2017
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475583021.002
Executive summary and outlook
- The 2016 Article IV Consultation highlights the Government of Somalia’s continued significant efforts toward restoring key economic and financial institutions despite a very difficult political environment.
- The Somali economy is expected to continue to be sustained by donor grants, remittances, and foreign direct investment, mostly by the Somali diaspora.
- Economic activity is projected to decelerate in 2016–17.
- Growth is projected to be 3.4 percent and 2.5 percent in 2016 and 2017, respectively.
Fiscal framework, revenue, and structural reform priorities
- The Somali government will continue to implement measures to improve the fiscal framework.
- Priority actions include raising tax revenue and implementing structural reforms to support institutional restoration and fiscal stability.
External support, remittances, and balance of payments
- Continued reliance on donor grants, remittances, and foreign direct investment (mostly by the Somali diaspora) is expected to sustain the economy.
- Topics covered under the consultation include Arrears, Balance of payments, Currency reform, External debt, Money, Public financial management (PFM), Remittances, and Revenue administration.
Subjects and keywords
- Subjects: Arrears, Balance of payments, Currency reform, External debt, Money, Public financial management (PFM), Remittances, Revenue administration
- Keywords: Arrears, authorities' plan, authority, CR, Currency reform, currency reform strategy, Executive Board assessment, Global, governance, ISCR, Kenyan authorities, Remittances, Somali authorities, state building
Source: Somalia: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Somalia (IMF Staff Country Report 2017, 061).
Content in this bundle
- Country Report