Somalia: 2017 Article IV Consultation and First Review Under the Staff‑Monitored Program — Press Release; Staff Report; and Statement by the Executive Director for Somalia
IMF Staff Country Reports, February 26, 2018
Source details
- Canonical URL
- Somalia: 2017 Article IV Consultation and First Review Under the Staff‑Monitored Program — Press Release; Staff Report; and Statement by the Executive Director for Somalia
Other formats
Bibliographic details
- Published: February 26, 2018
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484343838.002
Macroeconomic environment and recent shocks
- Despite a severe drought (which began in late 2016) and sporadic terrorist attacks, Somalia avoided a significant economic slowdown in 2017 with support from the national and international community.
- The drought has receded but "took a considerable toll, particularly in the remote areas."
- Economic activity in 2017 is expected to have slowed.
Key macroeconomic figures and indicators
- GDP growth in 2017: 1.8 percent (projected to have remained subdued at 1.8 percent in 2017).
- Year‑over‑year inflation at end‑December 2017: 5.2 percent (driven by higher food prices).
- Fiscal outcome by end‑September 2017: a small budget surplus was achieved, despite domestic revenue falling short of the program target.
Policy areas and thematic coverage (as identified in the record)
- Anti‑money laundering and combating the financing of terrorism (AML/CFT)
- Banking
- Crime
- Currencies and currency reform (including "Currency reform" and "currency reform roadmap")
- Money and public financial management (PFM)
- Revenue administration
Summary findings
- The combination of domestic policy actions and international support helped Somalia avert a major economic contraction in 2017.
- Weather‑related shocks and security incidents materially affected economic activity, with pronounced impacts in remote areas.
- Inflationary pressures in 2017 were concentrated in food prices, contributing to a year‑end inflation rate of 5.2 percent.
- Fiscal management achieved a small surplus by end‑September 2017, but revenue mobilization underperformed relative to program targets.
Somalia: 2017 Article IV Consultation and First Review Under the Staff-Monitored Program — Press Release; Staff Report; and Statement by the Executive Director for Somalia (February 26, 2018).
Content in this bundle
- Country Report