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

_IMF Staff Country Reports, December 18, 2023_

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## Bibliographic details
- Published: December 18, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400262180.002

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### Context and Purpose
- 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.

### Findings on Somalia's reform progress
- 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.

### Policy recommendations and priorities post-Completion Point
- 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.

### Related subject tags and keywords (as listed)
- 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).*

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_Source: https://www.imf.org/en/publications/cr/issues/2023/12/18/somalia-enhanced-heavily-indebted-poor-countries-initiative-completion-point-document-542591_