Somalia: 2024 Article IV Consultation and Second Review Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia
IMF Staff Country Reports, December 17, 2024
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- Somalia: 2024 Article IV Consultation and Second Review Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia
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Bibliographic details
- Published: December 17, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400297090.002
Overview and context
- Discussions focused on policies and reforms to increase resilience, reduce poverty, and promote inclusive growth, including advancing the implementation of the national development plan and the forthcoming national transformation plan.
- Somalia’s program performance has been strong, demonstrating the authorities’ steadfast commitment to macroeconomic stability and strengthening institutional capacity and frameworks.
- Ongoing efforts to strengthen central bank institutional capacity are commended.
Key findings and projections
- Real gross domestic product growth projections for Somalia have been upgraded to 4 percent for 2024 and 2025 based on strong exports and remittances.
- Risks remain elevated, including from regional and domestic security developments, commodity prices and climate shocks.
- Sustained reform efforts are needed to set the conditions for greater resilience, poverty reduction, and inclusive growth.
Policy recommendations and reform priorities
- Strengthen tax capacity and public financial management.
- Promote financial deepening.
- Improve governance.
- Continue efforts to build central bank institutional capacity.
Notable program characteristics
- Program performance characterized as strong, reflecting authorities’ commitment to macroeconomic stability and institutional strengthening.
- Emphasis on sequencing reforms to enhance resilience and support inclusive growth through implementation of national development and transformation plans.
Somalia: 2024 Article IV Consultation and Second Review Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia
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