{
  "title": "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",
  "publication": "IMF Staff Country Reports, December 17, 2024",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2024/12/17/somalia-2024-article-iv-consultation-and-second-review-under-the-extended-credit-facility-559663",
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  "summary": "This paper highlights Somalia’s 2024 Article IV Consultation and Second Review under the Extended Credit Facility. Discussions focused on policies and reforms to increase resilience, reduce poverty, and promote inclusive growth, including through advancing the implementation of the national developm",
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    {
      "heading": "Overview and context",
      "content": "- 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.\n- Somalia’s program performance has been strong, demonstrating the authorities’ steadfast commitment to macroeconomic stability and strengthening institutional capacity and frameworks.\n- Ongoing efforts to strengthen central bank institutional capacity are commended."
    },
    {
      "heading": "Key findings and projections",
      "content": "- Real gross domestic product growth projections for Somalia have been upgraded to 4 percent for 2024 and 2025 based on strong exports and remittances.\n- Risks remain elevated, including from regional and domestic security developments, commodity prices and climate shocks.\n- Sustained reform efforts are needed to set the conditions for greater resilience, poverty reduction, and inclusive growth."
    },
    {
      "heading": "Policy recommendations and reform priorities",
      "content": "- Strengthen tax capacity and public financial management.\n- Promote financial deepening.\n- Improve governance.\n- Continue efforts to build central bank institutional capacity."
    },
    {
      "heading": "Notable program characteristics",
      "content": "- Program performance characterized as strong, reflecting authorities’ commitment to macroeconomic stability and institutional strengthening.\n- Emphasis on sequencing reforms to enhance resilience and support inclusive growth through implementation of national development and transformation plans.\n\nSomalia: 2024 Article IV Consultation and Second 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- 1somea2024002-print-pdf\n  - 1somea2024002-print-pdf (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1somea2024002-print-pdf (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 17, 2024",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400297090.002",
    "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.",
    "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.",
    "Strengthen tax capacity and public financial management.",
    "Promote financial deepening.",
    "Improve governance.",
    "Continue efforts to build central bank institutional capacity.",
    "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.",
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