{
  "title": "Somalia: First Review Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia",
  "publication": "IMF Staff Country Reports, November 30, 2020",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2020/11/30/somalia-first-review-under-the-extended-credit-facility-press-release-staff-report-and-49924",
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  "summary": "Soon after reaching the HIPC Decision Point and embarking on a new IMFsupported program aimed at supporting the implementation of the authorities’ National Development Plan and lifting growth, Somalia was hit by a triple shock of flooding, desert locusts, and, importantly, the coronavirus pandemic.",
  "sections": [
    {
      "heading": "Overview and context",
      "content": "- Soon after reaching the HIPC Decision Point and embarking on a new IMF-supported program aimed at supporting the implementation of the authorities’ National Development Plan and lifting growth, Somalia was hit by a triple shock of flooding, desert locusts, and, importantly, the coronavirus pandemic.\n- Prompt action by the authorities and support from the international community has helped mitigate the impact on peoples’ lives and livelihoods.\n- These shocks have had a significant impact on economic activity, exports, and domestic fiscal revenues."
    },
    {
      "heading": "IMF engagement and program focus",
      "content": "- Program instrument: Extended Credit Facility (ECF)-supported program.\n- Program objective: Support implementation of the authorities’ National Development Plan and lift growth.\n- Relevant subject areas listed: Asset and liability management, External debt, International organization, Monetary policy, Public debt, Public financial management (PFM), Revenue administration.\n- Keywords reflecting program emphasis: Budget planning and preparation, Debt relief, ECF arrangement, ECF-supported program, executive board discussion, Global, implementation of the Extended Credit Facility, Somali authorities."
    },
    {
      "heading": "Notable summary points",
      "content": "- The report highlights the timing: program launch soon after HIPC Decision Point, followed by the triple shock (flooding, desert locusts, coronavirus pandemic).\n- Impact channels emphasized: economic activity, exports, and domestic fiscal revenues.\n- The report credits prompt government action and international support with mitigating impacts on lives and livelihoods, while documenting material macroeconomic and fiscal effects.\n\nSomalia: First Review Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia\n\n---\n\n Content in this bundle\n\n- 1somea2020005 - Executive Summary\n  - 1somea2020005 - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1somea2020005 - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: November 30, 2020",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781513562612.002",
    "Soon after reaching the HIPC Decision Point and embarking on a new IMF-supported program aimed at supporting the implementation of the authorities’ National Development Plan and lifting growth, Somalia was hit by a triple shock of flooding, desert locusts, and, importantly, the coronavirus pandemic.",
    "Prompt action by the authorities and support from the international community has helped mitigate the impact on peoples’ lives and livelihoods.",
    "These shocks have had a significant impact on economic activity, exports, and domestic fiscal revenues.",
    "Program instrument: Extended Credit Facility (ECF)-supported program.",
    "Program objective: Support implementation of the authorities’ National Development Plan and lift growth.",
    "Relevant subject areas listed: Asset and liability management, External debt, International organization, Monetary policy, Public debt, Public financial management (PFM), Revenue administration.",
    "Keywords reflecting program emphasis: Budget planning and preparation, Debt relief, ECF arrangement, ECF-supported program, executive board discussion, Global, implementation of the Extended Credit Facility, Somali authorities.",
    "The report highlights the timing: program launch soon after HIPC Decision Point, followed by the triple shock (flooding, desert locusts, coronavirus pandemic).",
    "Impact channels emphasized: economic activity, exports, and domestic fiscal revenues.",
    "The report credits prompt government action and international support with mitigating impacts on lives and livelihoods, while documenting material macroeconomic and fiscal effects.",
    "**1somea2020005 - Executive Summary**"
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