{
  "title": "Somalia: Enhanced Heavily-Indebted Poor Countries (HIPC) Initiative-Preliminary Document",
  "publication": "IMF Staff Country Reports, February 13, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/02/13/somalia-enhanced-heavily-indebted-poor-countries-hipc-initiative-preliminary-document-49053",
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  "summary": "This Enhanced Heavily Indebted Poor Countries (HIPC) Initiative Program’s preliminary document discusses that as per the agreement by the IMF, Somalia can be eligible for debt relief under the Enhanced HIPC Initiative.",
  "sections": [
    {
      "heading": "Eligibility and reform track record",
      "content": "- Somalia can be eligible for debt relief under the Enhanced HIPC Initiative as per the agreement by the IMF.\n- The document recognizes Somalia’s sustained commitment to key economic and financial reforms under consecutive staff-monitored programs with the IMF.\n- Helping Somalia achieve debt relief and unlock access to the needed resources to increase growth and reduce poverty is a key priority for the IMF."
    },
    {
      "heading": "Debt-relief framework and creditor involvement",
      "content": "- Upon reaching the Completion Point, Somalia would qualify for:\n  - unconditional debt relief under the HIPC Initiative;\n  - debt relief under the Multilateral Debt Relief Initiative (MDRI) from the World Bank's International Development Association and the African Development Fund;\n  - beyond-HIPC assistance from the IMF.\n- Paris Club creditors are also expected to provide further beyond-HIPC assistance at the Completion Point."
    },
    {
      "heading": "Projected impact on debt burden",
      "content": "- With HIPC, MDRI and beyond HIPC assistance, Somalia’s NPV of debt-to-exports ratio is projected to change as follows:\n  - 491.7 percent in 2018\n  - 57.0 percent in 2027\n  - 41.5 percent in 2038"
    },
    {
      "heading": "Subject focus and keywords",
      "content": "- Subjects covered include: Arrears, Asset and liability management, Debt relief, Debt service, Debt service ratios, External debt, Financial institutions, Stocks.\n- Keywords include: Arrears, authority, Club creditor, CR, Debt relief, Debt service, Debt service ratios, Enhanced HIPC Initiative, ISCR, public finance management, reform, reform agenda, Somali authorities, Somalia's eligibility, Stocks, sustained commitment."
    },
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      "content": "- Pages: 52\n- Volume: 2020\n- Issue: 044\n- Series: Country Report No. 2020/044\n- DOI: https://doi.org/10.5089/9781513530208.002\n- ISBN: 9781513530208\n- ISSN: 1934-7685\n\nInternational Monetary Fund. Middle East and Central Asia Dept. \"Somalia: Enhanced Heavily-Indebted Poor Countries (HIPC) Initiative-Preliminary Document\", IMF Staff Country Reports 2020, 044 (2020), February 13, 2020, https://doi.org/10.5089/9781513530208.002.\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
    }
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    "Published: February 13, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513530208.002",
    "Somalia can be eligible for debt relief under the Enhanced HIPC Initiative as per the agreement by the IMF.",
    "The document recognizes Somalia’s sustained commitment to key economic and financial reforms under consecutive staff-monitored programs with the IMF.",
    "Helping Somalia achieve debt relief and unlock access to the needed resources to increase growth and reduce poverty is a key priority for the IMF.",
    "Upon reaching the Completion Point, Somalia would qualify for:",
    "Paris Club creditors are also expected to provide further beyond-HIPC assistance at the Completion Point.",
    "With HIPC, MDRI and beyond HIPC assistance, Somalia’s NPV of debt-to-exports ratio is projected to change as follows:",
    "Subjects covered include: Arrears, Asset and liability management, Debt relief, Debt service, Debt service ratios, External debt, Financial institutions, Stocks.",
    "Keywords include: Arrears, authority, Club creditor, CR, Debt relief, Debt service, Debt service ratios, Enhanced HIPC Initiative, ISCR, public finance management, reform, reform agenda, Somali authorities, Somalia's eligibility, Stocks, sustained commitment.",
    "Pages: 52",
    "Volume: 2020",
    "Issue: 044",
    "Series: Country Report No. 2020/044",
    "DOI: https://doi.org/10.5089/9781513530208.002",
    "ISBN: 9781513530208",
    "ISSN: 1934-7685",
    "**Executive Summary**"
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