Somalia: Enhanced Heavily Indebted Poor Countries Initiative-Completion Point Document

IMF Staff Country Reports, December 18, 2023

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Canonical URL: Somalia: Enhanced Heavily Indebted Poor Countries Initiative-Completion Point Document

Focus: completion point document for enhanced heavily indebted poor countries (HIPC) initiative.
Date: December 18, 2023.
Pages: 80.
Volume: 2023.
Issue: 424.
Series: Country Report No. 2023/424.
DOI: https://doi.org/10.5089/9798400262180.002.
Stock No: 1SOMEA2023004.
ISBN: 9798400262180.
ISSN: 1934-7685.

Somalia has been rebuilding state institutions and the economy since the end of the devastating civil war, with strong support from the international community.
Somalia has implemented critical reforms in support of pro-poor growth, poverty reduction, better public financial management and debt management.
These reforms establish the conditions for the effective use of irrevocable debt relief to support the people of Somalia.
The Somali authorities remain firmly committed to sustaining the reform momentum post-HIPC to build resilience, promote inclusive growth, and reduce poverty.

Deepening structural reforms after the Completion Point will be critical to:
- boost private sector growth;
- create fiscal space to invest more in human development and infrastructure in support of inclusive and resilient growth.
The World Bank and IMF will continue working together to provide the technical assistance and policy guidance the authorities need to achieve these goals.
The IMF will continue its engagement with Somalia in the context of the new three-year IMF financial arrangement as well as capacity development support sponsored by the Somalia Country Fund.

Subject: Arrears, Asset and liability management, Debt relief, Debt service, Debt service ratios, External debt, International organization, Monetary policy.
Keywords: Arrears, Debt relief, Debt service, Debt service ratios, East Africa, Global, HIPC debt relief, IDA portfolio, IMF press release No. 23/437, MDRI debt relief, Middle East and Central Asia, reconciliation exercise, reform journey, Somali authorities, Somalia's debt relief process, Southern Africa.

Source: Somalia: Enhanced Heavily Indebted Poor Countries Initiative-Completion Point Document (IMF Staff Country Reports 2023, 424).