## Somalia: First Review Under the Staff-Monitored Program-Press Release; and Staff Report

_IMF Staff Country Reports, February 26, 2019_

## Source details

**Canonical URL:** [Somalia: First Review Under the Staff-Monitored Program-Press Release; and Staff Report](https://www.imf.org/en/publications/cr/issues/2019/02/26/somalia-first-review-under-the-staff-monitored-program-press-release-and-staff-report-46633)

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## Bibliographic details
- Published: February 26, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781498300476.002

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### Summary findings
- This first review under the Staff-Monitored Program (SMP) of Somalia notes that, supported by a favorable rainy season, economic growth is recovering and inflation easing.
- Unemployment is very high, and development and social needs are very large.
- Policy discussions centered on the 2018 supplementary budget, the 2019 budget, as well as the macroeconomic framework.
- Discussions laid the groundwork for the second and final review under SMP III and on near-term policy priorities.
- Considering satisfactory performance under the SMP and the authorities’ continued strong commitment to reform implementation, the IMF staff supports the completion of the first review under SMP III.

### Performance on program targets and structural benchmarks (SBs)
- All end-June and end-September 2018 indicative targets and all structural benchmarks (SBs) have been met.
- Of the 10 remaining SBs, due end-December 2018 and end-March 2019:
  - Preliminary information suggests that two have already been met.
  - Progress has been made towards achieving seven others.
  - Completion of one SB is likely to be delayed.

### Risks, outlook, and mitigation
- Risks to the program and the outlook remain elevated.
- A continued commitment to reform and donors’ sustained support will help mitigate the risks.

### Subjects and keywords
- Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Arrears, Banking, Budget planning and preparation, Crime, External debt, Public financial management (PFM), Revenue administration
- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Arrears, authorities' action plan, authorities' effort, authority, Budget planning and preparation, CR, fund staff estimate, government, ISCR, reform, reform momentum, Somali authorities, stepped-up effort

*International Monetary Fund. Somalia: First Review Under the Staff-Monitored Program-Press Release; and Staff Report. February 26, 2019.*

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_Source: https://www.imf.org/en/publications/cr/issues/2019/02/26/somalia-first-review-under-the-staff-monitored-program-press-release-and-staff-report-46633_