Somalia: Poverty Reduction Strategy Paper—Joint Staff Advisory Note

IMF Staff Country Reports, March 26, 2020

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Somalia has made noteworthy progress since 2012 to recover from decades of conflict and state fragmentation.
The country rebuilt core state capabilities and organized two democratic national elections in 2012 and 2017.
Somalia has reached the stage where it seeks to fully reengage the international community and is requesting debt relief through the heavily indebted poor countries initiative.
The authorities developed the Ninth National Development Plan (NDP9) through a highly consultative, participatory process that ensured full country ownership.

Promote economic growth in an environment of low inflation.
Achieve sustainable fiscal and current account balances.
Maintain healthy foreign exchange reserves.
Support issuance of new Somali shilling banknotes while maintaining de facto dollarization.

IMF staff recommends updating the framework to incorporate greater support for poverty reduction and additional financing from development partners during the interim period.
IMF staff supports the authorities’ commitment to issuing new Somali shilling banknotes, while maintaining de facto dollarization.

Subjects: Budget planning and preparation; Fiscal governance; Fiscal policy; Poverty; Poverty reduction strategy; Public financial management (PFM).
Keywords: Africa; Budget planning and preparation; connections to the RRF; core government function; CR; debt management; East Africa; Fiscal governance; Global; government; government structure; ISCR; NDP topic; NDP9; Poverty reduction strategy; private sector; Somali government.

Somalia Ninth National Development Plan
- Somalia Ninth National Development Plan (Markdown version)
- Somalia Ninth National Development Plan (PDF)