Somalia: Second Review Under the Staff-Monitored Program and Request for Three-Year Arrangements Under the Extended Credit and The Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia
IMF Staff Country Reports, March 26, 2020
Source details
- Canonical URL
- Somalia: Second Review Under the Staff-Monitored Program and Request for Three-Year Arrangements Under the Extended Credit and The Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia
Other formats
Bibliographic details
- Published: March 26, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513538297.002
Summary and purpose
- Discusses Somalia’s Second Review Under the Staff-Monitored Program and Request for Three-Year Arrangements Under the Extended Credit and the Extended Fund Facility.
- The three-year financing package will support the implementation of the authorities’ National Development Plan and anchor reforms between the heavily indebted poor countries Decision and Completion Points.
- Pages: 76
- Volume: 2020
- Issue: 085
- Series: Country Report No. 2020/085
- DOI: https://doi.org/10.5089/9781513538297.002
- Stock No: 1SOMEA2020002
- ISBN: 9781513538297
- ISSN: 1934-7685
Core reform areas and program focus
- Continued strengthening of public finances to meet Somalia’s development needs in a sustainable manner.
- Deepening of central bank capacity.
- Improvement of the business environment and governance.
- Enhancing statistics.
Expected role of financing and reform sequencing
- The three-year financing package is intended to:
- Support implementation of the National Development Plan.
- Anchor reforms between the HIPC Decision and Completion Points.
Risks to the program and outlook
- Risks remain elevated.
- Immediate political risks concern the upcoming elections.
- Frequent climate shocks continue to contribute to agricultural loss and human displacement.
Upside potential and growth drivers
- Greater-than-expected impact from reforms under the program could raise growth above the baseline.
- Additional development financing could boost outcomes.
- Development of new industries could lead to higher and more inclusive growth than the baseline.
Subject classifications and keywords
- Subject: Arrears, Asset and liability management, Debt relief, External debt, Public debt, Public financial management (PFM), Revenue administration
- Keywords: Arrears, authority, concessional donor financing, CR, Debt relief, financing, financing package, Global, government transaction, HIPC decision point, ISCR, macroeconomic challenge, reform, Somali authorities
IMF Staff Country Report — Somalia: Second Review Under the Staff-Monitored Program and Request for Three-Year Arrangements Under the Extended Credit and the Extended Fund Facility (Country Report No. 2020/085).
Content in this bundle
- Somalia — IMF staff report and MEFP excerpt