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International Monetary Fund. Asia and Pacific Dept

. Risks are tilted to the downside. A prolonged humanitarian crisis and any withdrawal of trade preferences could reduce concessional donor financing and investment leading to lower growth. Macrofinancial spillovers from the ongoing banking sector restructuring process may be more severe if banks delay recapitalization. Risks on the global front include trade tensions and related global financial market volatility, high crude oil prices and spillovers from exposure to China. On the upside, a faster resolution of the humanitarian crisis would facilitate higher external

International Monetary Fund. Middle East and Central Asia Dept.

. WASHINGTON, DC – March 25, 2020 the Executive Board of the International Monetary Fund (IMF) approved three-year arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) for Somalia in the amount of SDR 292.4 million (about US$395.5 million or around 179 percent of quota). The program will support the authorities’ implementation of their ambitious reform agenda and catalyze concessional donor financing. This will help the country implement its National Development Plan to build greater economic resilience, promote higher and more

International Monetary Fund. Middle East and Central Asia Dept.
This paper discusses Somalia’s Second Review Under the Staff-Monitored Program and Request for Three-Year Arrangements Under the Extended Credit and the Extended Fund Facility. The three-year financing package will support the implementation of the authorities’ National Development Plan and anchor reforms between the heavily indebted poor countries Decision and Completion Points. Reforms will focus on a continued strengthening of public finances to meet Somalia’s development needs in a sustainable manner; a deepening of central bank capacity; improvement of the business environment and governance; and enhancing statistics. Risks to the program and outlook remain elevated, although there is also upside potential. The immediate political risks concern the upcoming elections, while frequent climate shocks continue to contribute to agricultural loss and human displacement. On the upside, greater-than-expected impact from reforms under the program and additional development financing, together with the development of new industries, could lead to higher and more inclusive growth than the baseline.
International Monetary Fund
The ESF, established within the Poverty Reduction and Growth Facility and Exogenous Shocks Facility (PRGF-ESF) Trust, complements existing Fund instruments for providing timely support, including financing at more appropriate terms, to low-income members that are facing sudden and exogenous shocks but do not have a PRGF arrangement in place. In particular, the ESF: (i) facilitates quick access to more concessional financing than the Fund’s Emergency Assistance and the Compensatory Financing Facility (CFF);1 (ii) helps members design and implement a policy framework adequate for adjustment to shocks while ensuring adequate safeguards for the use of the Trust resources; and (iii) plays a catalytic role for further and more concessional donor financing.
International Monetary Fund

(CFF); 1 (ii) helps members design and implement a policy framework adequate for adjustment to shocks while ensuring adequate safeguards for the use of the Trust resources; and (iii) plays a catalytic role for further and more concessional donor financing. For countries wishing to graduate from continuous PRGF arrangements, including Policy Support Initiative (PSI) users, the ESF serves as a safety net. Board Decision No.13590-(05/99) adopted November 23, 2005 (effective January 5,2006) establishes the terms and modalities for ESF arrangements, and this note

International Monetary Fund. Middle East and Central Asia Dept.

revenue and higher spending needs, worsen utilities operational balances, delay the needed fiscal consolidation, constrain market access, and increase debt sustainability risks. These risks are mitigated by the authorities’ commitment to the objectives of the recently approved EFF arrangement and the readiness to recalibrate policies to ensure that debt remains sustainable and the economy can recover quickly. Additional concessional donor financing would be essential to meet the increased financing needs. On the upside, faster normalization of international financial

International Monetary Fund. Middle East and Central Asia Dept.

Second Review Under the Staff-Monitored Program and Request for Three-Year Arrangements Under the Extended Credit and The Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia

International Monetary Fund. Middle East and Central Asia Dept.

Second Review Under the Staff-Monitored Program and Request for Three-Year Arrangements Under the Extended Credit and The Extended Fund Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia