{
  "title": "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",
  "publication": "IMF Staff Country Reports, February 26, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/02/26/somalia-2017-article-iv-consultation-and-first-review-under-the-staff-monitored-program-45662",
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  "summary": "This 2017 Article IV Consultation highlights that despite a severe drought and sporadic terrorist attacks, Somalia avoided a significant economic slowdown in 2017 with support from the national and international community. Economic activity in 2017 is expected to have slowed.",
  "sections": [
    {
      "heading": "Macroeconomic environment and recent shocks",
      "content": "- 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.\n- The drought has receded but \"took a considerable toll, particularly in the remote areas.\"\n- Economic activity in 2017 is expected to have slowed."
    },
    {
      "heading": "Key macroeconomic figures and indicators",
      "content": "- GDP growth in 2017: 1.8 percent (projected to have remained subdued at 1.8 percent in 2017).\n- Year‑over‑year inflation at end‑December 2017: 5.2 percent (driven by higher food prices).\n- Fiscal outcome by end‑September 2017: a small budget surplus was achieved, despite domestic revenue falling short of the program target."
    },
    {
      "heading": "Policy areas and thematic coverage (as identified in the record)",
      "content": "- Anti‑money laundering and combating the financing of terrorism (AML/CFT)\n- Banking\n- Crime\n- Currencies and currency reform (including \"Currency reform\" and \"currency reform roadmap\")\n- Money and public financial management (PFM)\n- Revenue administration"
    },
    {
      "heading": "Summary findings",
      "content": "- The combination of domestic policy actions and international support helped Somalia avert a major economic contraction in 2017.\n- Weather‑related shocks and security incidents materially affected economic activity, with pronounced impacts in remote areas.\n- Inflationary pressures in 2017 were concentrated in food prices, contributing to a year‑end inflation rate of 5.2 percent.\n- Fiscal management achieved a small surplus by end‑September 2017, but revenue mobilization underperformed relative to program targets.\n\nSomalia: 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).\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: February 26, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484343838.002",
    "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.",
    "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.",
    "Anti‑money laundering and combating the financing of terrorism (AML/CFT)",
    "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.",
    "**Country Report**"
  ],
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