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Business and Economics > Budgeting

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Cover IMF Staff Country Reports
Somalia: Staff Report for the Sixth Review Under the Extended Credit Facility (ECF) Arrangement and Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia
International Monetary Fund. Middle East and Central Asia Dept.
This paper presents the Sixth Review under the Extended Credit Facility (ECF) Arrangement and Request for a Three-Year Arrangement under the ECF. The authorities’ strong commitment and successful implementation of reforms to rebuild Somalia’s economy and institutions, including the completion of the program supported by the ECF, have led to Somalia reaching the completion point under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. Somalia’s new ECF-supported program builds on progress so far, including the HIPC Completion Point, and seeks to advance reforms to strengthen key economic institutions and promote inclusive growth. Continued financial and capacity development support from international partners is imperative to support the authorities’ reform efforts. Fiscal policy will be guided by a prudent framework that balances the need for higher development expenditure with protecting fiscal sustainability and taking into account capacity constraints. External financing is expected to be based solely on grants and concessional loans to preserve debt sustainability.
Keywords:
Somali authorities; ECF arrangement; HIPC Completion Point; government institution; ECF program; Debt relief; Debt service; Global
Cover Policy Papers
FY2023—Output Cost Estimates and Budget Outturn
International Monetary Fund. Office of Budget and Planning
The paper presents highlights from the FY 2023 budget, followed by a discussion of outputs based on the Fund Thematic Categories and of inputs.
Keywords:
output cost estimate; administrative budget; budget augmentation; inflation; geopolitical fragmentation; transparency policy; staff growth; CD spending; staff FTE; phased budget augmentation; Budget planning and preparation; Capital spending; Climate change; Total expenditures; Global
Cover IMF Staff Country Reports
Somalia: Poverty Reduction Strategy Paper-Joint Staff Advisory Note
International Monetary Fund. Middle East and Central Asia Dept.
This Joint Staff Advisory Note (JSAN) reviews the first Annual Progress Report (APR) on Somalia’s Ninth National Development Plan (NDP9). NDP9 is a nationally owned and comprehensive strategy for poverty reduction and inclusive growth. It covers 2020–2024 and is organized around the four pillars: Inclusive Politics, Security and the Rule of Law, Economic Development and Social Development. Somalia began implementing NDP9 at a time of profound challenges posed by the ‘triple crises’ of locust infestations, a global pandemic, and floods. An outbreak of desert locusts started in 2019 that threatened the food supply across the Horn of Africa. In 2020, the world was hit by the coronavirus disease 2019 pandemic. The IMF Staff concur with the APR’s assessment that important progress has been made on implementation of the NPD9, despite challenges from the triple shocks faced by Somalia in 2020. Notwithstanding the multiple shocks, the Somali authorities preserved macroeconomic stability and maintained the reform momentum, strengthening domestic revenue mobilization, public financial management, financial sector regulation and supervision, statistics and governance.
Keywords:
objective of the JSAN; copyright page; advisory note; feedback to the country; cash transfer program; Poverty reduction strategy; Budget planning and preparation; Global
Cover IMF Staff Country Reports
Somalia: Fifth Review Under the Extended Credit Facility Arrangement, Requests for Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria and Indicative Target, and Interim Assistance-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This paper presents Somalia’s Fifth Review under the Extended Credit Facility (ECF) Arrangement, Requests for Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria and Indicative Target, and Interim Assistance. Despite significant challenges, including from the continued severe food crisis, Somalia has maintained strong reform momentum and program performance has been satisfactory. The authorities’ steady progress under the Heavily Indebted Poor Countries (HIPC) process is important to lay the ground for achieving the Completion Point in late 2023. Continued support from international partners is imperative to support the authorities’ policy efforts. The authorities are committed to advancing fiscal and institutional reforms, and normalizing relations with all external creditors. In particular, sustained efforts are needed to strengthen domestic revenue mobilization to make room for priority spending, while containing discretionary expenditure pressures. Timely financing and capacity development support from development partners is essential for the successful implementation of the authorities’ reform strategy. Contributions from Somalia’s partners to the Somalia Country Fund are critical to ensure smooth delivery of IMF technical assistance to support the goals of the ECF-supported program and the HIPC Initiative.
Keywords:
IMF CD support; General government operation; IMF staff estimate; ECF arrangement; policy slippage; Debt relief; Debt sustainability analysis; Budget planning and preparation; Global
Cover IMF Staff Country Reports
Somalia: 2022 Article IV Consultation and Fourth Review under the Extended Credit Facility-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Somalia is facing a severe drought and acute food insecurity, aggravated by higher global food and fuel prices. Sustained efforts from the authorities and support from international partners are needed for immediate humanitarian assistance and to build resilience over time to climate shocks. Notwithstanding the current challenges, including a fragile security situation, the authorities continue to deliver on their commitments under the IMF supported program and have maintained the reform momentum. Program and Article IV discussions were informed by the Country Engagement Strategy.
Keywords:
draft budget; budget grant; staff appraisal; Somali authorities; budget remains; Budget planning and preparation; Global; Middle East and Central Asia; Africa
Cover IMF Staff Country Reports
Somalia: Second and Third Reviews Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criterion, Modification of Performance Criteria, Interim Assistance and Rephasing of Access and Extension of the Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Somalia
International Monetary Fund. Middle East and Central Asia Dept.
This paper presents Somalia’s Second and Third Reviews under the Extended Credit Facility Arrangement, Request for Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria, Interim Assistance, and Rephasing of Access and Extension of the Arrangement. The Somali authorities have preserved macroeconomic stability and maintained the reform momentum, notwithstanding multiple shocks. The authorities have affirmed their commitment to the objectives and policies underpinning the program supported by the Extended Credit Facility and the heavily indebted poor countries process. The authorities will continue strengthening domestic revenue mobilization, including customs modernization and increasing revenue collection from the telecom sector. Key reforms on public financial management (PFM) include issuance of the PFM regulations and payroll integration. The authorities are also working toward harmonizing the legal framework for the extractive industries. Notwithstanding the multiple challenges, the authorities have met most of the conditionality established at the first review. Since then, they have also taken steps to preserve macroeconomic stability and continued to implement policies in line with the objectives of the program, in close collaboration with IMF.
Keywords:
Somali authorities; ECF arrangement; net SDR position; General government operation; General SDR allocation; Debt relief; Budget planning and preparation; Global
Cover Policy Papers
The Fund’s Income Position For FY 2020 -- Actual Outcome
International Monetary Fund
This paper reports on the Fund’s income position for FY 2020 following the closing of the Fund’s accounts for the financial year and completion of the external audit. Net operational income was about SDR 1.4 billion, slightly higher than estimated in the April supplement, mainly reflecting higher investment income. However, the unrealized pension-related adjustment in FY 2020, stemming mainly from the actuarial remeasurement of staff retirement plan assets and liabilities, was larger than previously estimated and more than offset the Fund’s net operational income, contributing to an overall net loss of about SDR 1.4 billion for the year.
Keywords:
PP; SDR billion; SDR millions; Fixed-Income Subaccount; about SDR; SDR exchange rate; net IAS; plan asset performance; Personal income; Budget planning and preparation; Financial statements
Cover Policy Papers
FY2020 - Output Cost Estimates and Budget Outturn
International Monetary Fund. Office of Budget and Planning
The paper presents highlights from the FY 2020 budget, followed by a discussion of outputs based on the Fund Thematic Categories and of inputs.
Keywords:
PP; expenditures FY; dollar spending; spending execution; unspent FY 18; digitalization strategy; management fee; Medium-term budget; Budget planning and preparation; Capital spending; Financial Sector Assessment Program; COVID-19; Middle East and Central Asia; Global; Asia and Pacific; Western Hemisphere
Cover IMF Staff Country Reports
Somalia: Poverty Reduction Strategy Paper-Joint Staff Advisory Note
International Monetary Fund. Middle East and Central Asia Dept.
This Joint Staff Advisory Note on the Poverty Reduction Strategy Paper discusses that Somalia has made noteworthy progress since 2012 to recover from decades of conflict and state fragmentation. The country has succeeded in rebuilding core state capabilities and organized two democratic national elections in 2012 and 2017. Somalia has now reached the stage where it seeks to fully reengage the international community and is requesting debt relief through the heavily indebted poor countries initiative. The authorities developed the Ninth National Development Plan (NPD9) through a highly consultative, participatory process that ensured full country ownership. The macroeconomic policy objectives of NDP9 are to promote economic growth in an environment of low inflation, sustainable fiscal and current account balances, and healthy foreign exchange reserves. The IMF staff recommends updating framework to incorporate greater support for poverty reduction and additional financing from development partners during the interim period. The IMF staff supports the authorities’ commitment to issuing new Somali shilling banknotes, while maintaining de facto dollarization.
Keywords:
ISCR; CR; NDP9; government; NDP topic; connections to the RRF; Somali government; debt management; core government function; government structure; private sector; Budget planning and preparation; Poverty reduction strategy; Fiscal governance; Africa; East Africa; Global
Cover IMF Staff Country Reports
Somalia: First Review Under the Staff-Monitored Program-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
This first review under the Staff-Monitored Program (SMP) of Somalia highlights that supported by a favorable rainy season, economic growth is recovering and inflation easing. However, unemployment is very high, and development and social needs are very large. Policy discussions centered on the 2018 supplementary budget, the 2019 budget, as well as the macroeconomic framework. Discussions also laid the groundwork for the second and final review under SMP III and on near-term policy priorities. All end-June and end-September 2018 indicative targets and all structural benchmarks (SBs) have been met. Of the 10 remaining SBs, due end-December 2018 and end-March 2019, preliminary information suggests that two have already been met, progress has been made towards achieving seven others, but completion of one SB is likely to be delayed. Considering satisfactory performance under the SMP and the authorities’ continued strong commitment to reform implementation, the IMF staff supports the completion of the first review under SMP III. Risks to the program and the outlook remain elevated; however, a continued commitment to reform and donors’ sustained support will help mitigate the risks.
Keywords:
ISCR; CR; Somali authorities; authority; reform; government; stepped-up effort; fund staff estimate; authorities' action plan; reform momentum; authorities' effort; Anti-money laundering and combating the financing of terrorism (AML/CFT); Arrears; Budget planning and preparation