IMF Staff Country Reports

Somalia: Staff Report for the First Review Under the Extended Credit Facility Arrangement, and Requests for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Somalia

June 10, 2024

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International Monetary Fund. Middle East and Central Asia Dept. "Somalia: Staff Report for the First Review Under the Extended Credit Facility Arrangement, and Requests for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Somalia", IMF Staff Country Reports 2024, 158 (2024), accessed November 21, 2024, https://0-doi-org.library.svsu.edu/10.5089/9798400277993.002

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Summary

This paper presents Somalia’s First Review under the Extended Credit Facility Arrangement, and Requests for Modification of Performance Criteria. Real GDP growth is expected to rise to 3.7 percent in 2024 compared to 2.8 percent in 2023, supported by continued recovery in agriculture, greater remittances, and higher investment. Somalia has continued to advance its reform agenda and program performance has been strong. Policy priorities are to maintain fiscal sustainability, strengthen revenues and public financial management, promote financial deepening, improve governance, and enhance statistics. Ongoing reforms to strengthen central bank institutional capacity are commendable. Careful formulation of the monetary and exchange rate policy frameworks is important in the context of the planned currency reform. Measures to bolster inclusive growth and strengthen resilience are important. The authorities are focused on building capacity in the petroleum sector and implementing its legal framework. Addressing food insecurity, building climate resilience, and enhancing trade integration are central to ensuring Somalia’s long-term development.

Subject: Asset and liability management, Debt Relief, Debt service, External debt, International organization, Monetary policy, Public debt, Revenue administration

Keywords: Debt relief, Debt service, Global, Net international reserves, Program ceiling, Program floor, Somali authorities, Staff appraisal

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