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International Monetary Fund. Middle East and Central Asia Dept.
The authorities are requesting additional interim HIPC assistance from the Fund in the amount of SDR 680,000 (Appendix I) to cover the period March 25, 2021- March 24, 2022. The interim HIPC assistance will be applied to cover 100 percent of eligible debt service to the IMF falling due over the 12 months starting from March 25, 2021.
International Monetary Fund. Middle East and Central Asia Dept.

: (202) 623–7430 • Fax: (202) 623–7201 E-mail: publications@imf.org Web: http://www.imf.org Price: $18.00 per printed copy International Monetary Fund Washington, D.C . © 2019 International Monetary Fund Front Matter Page SOMALIA STAFF REPORT FOR THE 2019 ARTICLE IV CONSULTATION, SECOND REVIEW UNDER THE STAFF-MONITORED PROGRAM, AND REQUEST FOR NEW STAFF-MONITORED PROGRAM June 28, 2019 Key Issues Background and context . The Somali authorities continue to make important strides in state-building and maintaining political and

International Monetary Fund. Middle East and Central Asia Dept.

relief on some basic food commodities (partly offset by a permanent tax increase on some other products); (ii) donor-funded expansion of the social safety net; (iii) donor-funded lending-support to small and medium-sized enterprises; and (iv) additional donor-funded transfers to federal member states (FMS). Figure 1. Somalia: High Frequency Indicators, 2019–2020 Sources: Somali authorities, IMF staff calculations, and Johns Hopkins University 3. The upcoming national elections add political uncertainty . A new Prime Minister (PM) was approved on September

International Monetary Fund. Middle East and Central Asia Dept.

the IMF have been restored, the country is still facing tremendous challenges. Arrears accumulated during years of conflict have impaired Somalia’s ability to service its external debt, while rendering the country ineligible for the much needed IMF financial assistance. In addition, the political and security environment has slowed the rebuilding progress. As a result, the country’s recovery process is not expected to be easy. However, with support from the international community, our Somali authorities are determined to forge ahead with the necessary reforms

International Monetary Fund. Middle East and Central Asia Dept.

… … 17.1 … 32.9 … 0.0 0.0 Financing (4 + 5) … … 22.9 … 32.9 … 0.0 0.0 Memorandum items : Repayment of arrears (from expenditure) 0.0 26.8 2.2 17.0 11.3 11.3 9.3 12.8 Stock of domestic arrears (end of year) 30.4 … 45.3 28.3 67.0 34.0 24.8 12.0 Sources: Somali authorities; and Fund staff estimates and projections. 1/ Includes only donor support provided through local treasury systems. 2/ Expenditures from hypothecated revenue in 2015.

International Monetary Fund. Middle East and Central Asia Dept.

of GDP. To reach the Decision Point under the HIPC initiative, the Somali authorities have implemented far-reaching reforms under a challenging environment. They remain committed to work diligently towards normalizing relations with International Financial Institutions (IFIs). To this end, they are pursuing a number of preparatory activities including debt reconciliation and finalization of an IPRSP compliant National Development Plan consistent with the requirements for HIPC decision point. They are also determined to establish a solid track record under the new

International Monetary Fund. Middle East and Central Asia Dept.
Soon after reaching the HIPC Decision Point and embarking on a new IMFsupported program aimed at supporting the implementation of the authorities’ National Development Plan and lifting growth, Somalia was hit by a triple shock of flooding, desert locusts, and, importantly, the coronavirus pandemic. Prompt action by the authorities and support from the international community has helped mitigate the impact on peoples’ lives and livelihoods, however, these shocks have had a significant impact on economic activity, exports, and domestic fiscal revenues.
International Monetary Fund. Middle East and Central Asia Dept.

IMF staff commends the authorities for implementing key reforms and for satisfactory performance under the Staff-Monitored Program (SMP). IMF staff encourages the Somali authorities to sustain their reform momentum which will help pave the way towards eventual arrears clearance and debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative. On February 5, 2019, the Management of the IMF completed the first review under the third 12-month Staff-Monitored Program (SMP III) 1 with Somalia, which covers the period May 2018-April 2019. This

International Monetary Fund. Middle East and Central Asia Dept.

(FGS) to support economic activity. 4. Against this background, our authorities will embark on policies and reforms to strengthen the fiscal framework, rebuild the financial system, and improve governance with the aim to facilitate economic recovery and improve livelihoods. Supported by the SMP, the authorities’ program is aimed at establishing a track record of policy implementation, which will serve as an important step towards an eventual Fund financing arrangement. Program Performance 5. Despite facing immense challenges, our Somali authorities remain

International Monetary Fund. Middle East and Central Asia Dept.

Our Somali authorities thank staff for the constructive engagement during the 2017 Article IV Consultation and the First Review under the Staff Monitored Program (SMP). They broadly concur with staffs assessment of the macroeconomic challenges facing the country and policy recommendations. The authorities remain committed to the implementation of the economic reform agenda under the SMP, and believe it is essential to improving the economic wellbeing of its citizens. In parallel, the authorities have prioritized the establishment of a viable fiscal federalism