## 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

_IMF Staff Country Reports, August 1, 2019_

## Source details

**Canonical URL:** [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](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)

## Other formats

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## Bibliographic details
- Published: August 1, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513509464.002

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### Overview
- 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.

### Major policy focuses and consultation themes
- 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.

### Key findings and implementation status
- 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.

### Main risks and vulnerabilities
- Security and political risks identified as main sources of risk.
- Climate shocks also identified as a main source of risk.

### Subjects and keywords (as listed)
- 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.

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_Source: 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_