{
  "title": "Somalia: 2019 Article IV Consultation-Second Review Under the Staff-Monitored Program, and Request for New Staff-Monitored Program-Press Release; Staff Report; and Statement by the Executive Director for Somalia",
  "publication": "IMF Staff Country Reports, August 1, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/07/30/somalia-2019-article-iv-consultation-second-review-under-the-staff-monitored-program-and-48543",
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  "summary": "This paper discusses Somalia’s 2019 Article IV Consultation, Second Review Under the Staff-Monitored Program (SMP), and Request for New SMP. Program implementation of SMP III has been strong, with all but one structural benchmark and all indicative targets met.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Discusses Somalia’s 2019 Article IV Consultation, Second Review Under the Staff-Monitored Program (SMP), and Request for New SMP.\n- Program implementation of SMP III has been strong, with \"all but one structural benchmark and all indicative targets met.\"\n- The authorities have requested a new \"15-month SMP\" to cement reforms and support reaching the Heavily Indebted Poor Country decision point as soon as the necessary conditions are met.\n- The new national development plan will outline the authorities’ priorities with respect to poverty reduction and inclusive growth."
    },
    {
      "heading": "Major policy focuses and consultation themes",
      "content": "- Policies to support higher and more inclusive growth.\n- Strengthening the medium-term fiscal framework.\n- Deepening the financial sector.\n- Increasing economic resilience.\n- Improving governance and the business environment.\n- Need to implement a durable fiscal federal framework.\n- Need to establish a robust framework for effective natural resource management.\n- Need to develop the medium-term fiscal framework."
    },
    {
      "heading": "Key findings and implementation status",
      "content": "- SMP III implementation: all but one structural benchmark met; all indicative targets met.\n- Authorities requested a \"15-month SMP\" to consolidate reforms and advance toward the Heavily Indebted Poor Country decision point.\n- The consultation emphasized linkage between the new national development plan and priorities on poverty reduction and inclusive growth."
    },
    {
      "heading": "Main risks and vulnerabilities",
      "content": "- Security and political risks identified as main sources of risk.\n- Climate shocks also identified as a main source of risk."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Arrears, Banking, Crime, External debt, Public debt, Public financial management (PFM).\n- Keywords: Africa, Anti-money laundering and combating the financing of terrorism (AML/CFT), Arrears, authority, CR, donor support, GDP data, government priority, holding, ISCR, Somali authorities, Somali shilling, Sub-Saharan Africa, U.S. dollar banknote.\n\n---\n\n Content in this bundle\n\n- 1somea2019003\n  - 1somea2019003 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1somea2019003 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: August 1, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513509464.002",
    "Discusses Somalia’s 2019 Article IV Consultation, Second Review Under the Staff-Monitored Program (SMP), and Request for New SMP.",
    "Program implementation of SMP III has been strong, with \"all but one structural benchmark and all indicative targets met.\"",
    "The authorities have requested a new \"15-month SMP\" to cement reforms and support reaching the Heavily Indebted Poor Country decision point as soon as the necessary conditions are met.",
    "The new national development plan will outline the authorities’ priorities with respect to poverty reduction and inclusive growth.",
    "Policies to support higher and more inclusive growth.",
    "Strengthening the medium-term fiscal framework.",
    "Deepening the financial sector.",
    "Increasing economic resilience.",
    "Improving governance and the business environment.",
    "Need to implement a durable fiscal federal framework.",
    "Need to establish a robust framework for effective natural resource management.",
    "Need to develop the medium-term fiscal framework.",
    "SMP III implementation: all but one structural benchmark met; all indicative targets met.",
    "Authorities requested a \"15-month SMP\" to consolidate reforms and advance toward the Heavily Indebted Poor Country decision point.",
    "The consultation emphasized linkage between the new national development plan and priorities on poverty reduction and inclusive growth.",
    "Security and political risks identified as main sources of risk.",
    "Climate shocks also identified as a main source of risk.",
    "Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Arrears, Banking, Crime, External debt, Public debt, Public financial management (PFM).",
    "Keywords: Africa, Anti-money laundering and combating the financing of terrorism (AML/CFT), Arrears, authority, CR, donor support, GDP data, government priority, holding, ISCR, Somali authorities, Somali shilling, Sub-Saharan Africa, U.S. dollar banknote.",
    "**1somea2019003**"
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