Somalia: Poverty Reduction Strategy Paper-Joint Staff Advisory Note
IMF Staff Country Reports, July 31, 2023
Source details
- Canonical URL
- Somalia: Poverty Reduction Strategy Paper-Joint Staff Advisory Note
Other formats
Bibliographic details
- Published: July 31, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400251726.002
Overview
- The Joint Staff Advisory Note (JSAN) reviews the first Annual Progress Report (APR) on Somalia’s Ninth National Development Plan (NDP9).
- NDP9 covers 2020–2024 and is organized around four pillars: Inclusive Politics, Security and the Rule of Law, Economic Development and Social Development.
- The JSAN concurs with the APR’s assessment that important progress has been made on implementation of NDP9 despite challenges from the “triple shocks” faced by Somalia in 2020.
Context and challenges
- Somalia began implementing NDP9 amid the “triple crises” of locust infestations, a global pandemic, and floods.
- Specific shocks noted:
- An outbreak of desert locusts started in 2019 that threatened the food supply across the Horn of Africa.
- The coronavirus disease 2019 pandemic in 2020.
- Floods (timing and magnitude described contextually in the source).
Progress on macroeconomic stability and reforms
- IMF Staff view: despite multiple shocks, Somali authorities preserved macroeconomic stability and maintained reform momentum.
- Areas of strengthened reform:
- Domestic revenue mobilization
- Public financial management
- Financial sector regulation and supervision
- Statistics
- Governance
Findings (enumerated)
- NDP9 is nationally owned and a comprehensive strategy for poverty reduction and inclusive growth.
- Implementation progress is described as important by the APR and concurred with by IMF Staff.
- The 2020 external and domestic shocks did not prevent continued reform efforts across key macroeconomic and governance areas.
Policy recommendations and priorities (implied by JSAN concurrence)
- Continue strengthening domestic revenue mobilization efforts.
- Further enhance public financial management systems.
- Continue improving financial sector regulation and supervision.
- Improve statistical capacity to support policy and monitoring.
- Strengthen governance frameworks to support implementation of NDP9.
Publication and metadata (preserve exact values)
- Pages: 18
- Volume: 2023
- Issue: 287
- Series: Country Report No. 2023/287
- DOI: https://doi.org/10.5089/9798400251726.002
- Stock No: 1SOMEA2023002
- ISBN: 9798400251726
- ISSN: 1934-7685
- Publication date on landing page: July 31, 2023
- Format noted: IMF Staff Country Reports
Subject and keywords (as provided)
- Subject: Budget planning and preparation, Expenditure, International organization, Monetary policy, Poverty, Poverty reduction strategy, Public financial management (PFM)
- Keywords: advisory note, Budget planning and preparation, cash transfer program, copyright page, feedback to the country, Global, objective of the JSAN, Poverty reduction strategy
International Monetary Fund. Middle East and Central Asia Dept. "Somalia: Poverty Reduction Strategy Paper-Joint Staff Advisory Note", IMF Staff Country Reports 2023, 287 (2023).
Content in this bundle
- 1somea2023002