Information in on the activities of the Office, views of the IMF staff, and the relations between Somalia and the IMF.
At a Glance: Somalia's Relations with the IMF
- Republic of the Somalia joined the Fund in August 31, 1962
- Financial Position in the Fund
Office Activities
-
This report sets out the financial governance priorities the Financial Governance Committee (FGC) believes need to be addressed in the coming year to strengthen state-building efforts going forward.
May 12, 2017
-
IMF-SOMALIA Trust Fund for Capacity Development
In the past three years, Somalia has begun to recover from the civil war, which ravaged the country’s economy and decimated key state and economic institutions such as the Ministry of Finance, the Central Bank, and the National Statistics Office...
December 6, 2016
-
IMF praised at the HLPF for its support to Somalia -- Communiqué
Representatives from 46 countries and 11 international organisations gathered inIstanbul on 23 and 24 February 2016 to participate in the third Ministerial High‐Level Partnership Forum (HLPF)
February 24, 2016
-
Oped by Samba Thiam, IMF’s Resident Representative to Somalia
July 1, 2015
-
Somalia: At the Crossroads of Peril and Opportunity
Despite very challenging conditions, Somalia has managed to achieve considerable progress since it resumed relations with the Fund in April 2013. Sustained growth and development will require continuous international support and capacity building, but the success of Somalia will ultimately rest on the strength of its people – and this they have in abundance.
February 2, 2015
IMF's Work on Somalia
-
Somalia: Technical Assistance Report-Consumer Price Index Mission (May 3–14, 2023)
March 18, 2024
Series:Technical Assistance Report No. 2024/022
-
March 8, 2024
An International Monetary Fund (IMF) team, led by Laura Jaramillo, conducted discussions with the Somali authorities in Nairobi during February 26 to March 7, 2024 and reached a staff-level agreement on the first review under the Extended Credit Facility (ECF) arrangement.
-
Somalia: Poverty Reduction Strategy Paper-Joint Staff Advisory Note
December 21, 2023
Series:Country Report No. 2023/441
-
December 20, 2023
Series:Country Report No. 2023/438
-
December 19, 2023
The IMF Board approved a new 36-month Extended Credit Facility arrangement of SDR 75 million (about US$100 million). Approval of the ECF arrangement enables the immediate disbursement of SDR 30 million (about US$40 million) for budget support.
Regional Economic Outlook : Middle East & Central Asia
January 31, 2024
Conflict Compounding Economic ChallengesThe conflict in Gaza and Israel is yet another shock to the Middle East and North Africa (MENA) region. It is causing immense human suffering and exacerbating an already challenging environment for neighboring economies and beyond. This Update covers economies in the MENA region and does not discuss developments in Israel. Overall, the major factors weighing on regional growth in MENA are (i) the impact of the conflict; (ii) oil production cuts (even as robust non-oil sector activity continues to support growth in several oil exporters); and (iii) continued necessary tight policy settings in several economies. Social unrest has also picked up. Projected growth in the MENA region this year is downgraded by 0.5 percentage point to 2.9 percent (relative to the October 2023 Regional Economic Outlook: Middle East and Central Asia), from already weak growth of 2.0 percent in 2023. Primarily driven by the ongoing conflict in Sudan, average growth across low-income countries (LICs) in MENA is forecast to remain negative this year, continuing the estimated sharp decline in 2023. Disinflation is expected to continue in most MENA economies, although price pressures have proven persistent in some cases because of country-specific factors.
The outlook for the MENA region is highly uncertain, and downside risks are resurgent. An escalation or spread of the conflict beyond Gaza and Israel, as well as an intensification of the disruptions in the Red Sea, could have a severe economic impact, including on trade and tourism.
The appropriate policy response will depend on countries’ exposure to the conflict, preexisting vulnerabilities, and policy space. Crisis management and precautionary policies will be critical where the impact is acute, or risks are elevated. Elsewhere, countries will need to continue to fortify buffers.
Monetary policy will need to remain focused on price stability, and fiscal policy should be tailored to country needs and available fiscal space. Structural reforms remain critical to boosting growth and strengthening resilience in both the near and longer terms.
Read the Report