{
  "title": "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",
  "publication": "IMF Staff Country Reports, March 26, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/03/26/somalia-second-review-under-the-staff-monitored-program-and-request-for-three-year-49289",
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  "summary": "This paper 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.",
  "sections": [
    {
      "heading": "Summary and purpose",
      "content": "- 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.\n- 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.\n- Pages: 76\n- Volume: 2020\n- Issue: 085\n- Series: Country Report No. 2020/085\n- DOI: https://doi.org/10.5089/9781513538297.002\n- Stock No: 1SOMEA2020002\n- ISBN: 9781513538297\n- ISSN: 1934-7685"
    },
    {
      "heading": "Core reform areas and program focus",
      "content": "- Continued strengthening of public finances to meet Somalia’s development needs in a sustainable manner.\n- Deepening of central bank capacity.\n- Improvement of the business environment and governance.\n- Enhancing statistics."
    },
    {
      "heading": "Expected role of financing and reform sequencing",
      "content": "- The three-year financing package is intended to:\n  - Support implementation of the National Development Plan.\n  - Anchor reforms between the HIPC Decision and Completion Points."
    },
    {
      "heading": "Risks to the program and outlook",
      "content": "- Risks remain elevated.\n- Immediate political risks concern the upcoming elections.\n- Frequent climate shocks continue to contribute to agricultural loss and human displacement."
    },
    {
      "heading": "Upside potential and growth drivers",
      "content": "- Greater-than-expected impact from reforms under the program could raise growth above the baseline.\n- Additional development financing could boost outcomes.\n- Development of new industries could lead to higher and more inclusive growth than the baseline."
    },
    {
      "heading": "Subject classifications and keywords",
      "content": "- Subject: Arrears, Asset and liability management, Debt relief, External debt, Public debt, Public financial management (PFM), Revenue administration\n- Keywords: Arrears, authority, concessional donor financing, CR, Debt relief, financing, financing package, Global, government transaction, HIPC decision point, ISCR, macroeconomic challenge, reform, Somali authorities\n\nIMF 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).\n\n---\n\n Content in this bundle\n\n- Somalia — IMF staff report and MEFP excerpt\n  - Somalia — IMF staff report and MEFP excerpt (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Somalia — IMF staff report and MEFP excerpt (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: March 26, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513538297.002",
    "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",
    "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.",
    "The three-year financing package is intended to:",
    "Risks remain elevated.",
    "Immediate political risks concern the upcoming elections.",
    "Frequent climate shocks continue to contribute to agricultural loss and human displacement.",
    "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: 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",
    "**Somalia — IMF staff report and MEFP excerpt**"
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