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Middle East and Central Asia > Somalia

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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 mid-term review report(MTR) of Somalia’s Ninth National Development Plan (NDP9).1 NDP9 is a nationallyowned and comprehensive strategy for poverty reduction and inclusive growth. It covers2020–2024 and is organized around the four pillars: Inclusive Politics, Security and theRule of Law, Economic Development, and Social Development. NDP9 was submitted tothe IMF and World Bank on October 15, 2019, to fulfill the Enhanced Heavily IndebtedPoor Countries (HIPC) Initiative’s poverty reduction strategy requirement. The firstAnnual Progress Report (APR) was received by the World Bank and the IMF in June 2022,and a JSAN was prepared and submitted to the Boards in July 2023. The MTR tracksprogress of the first 30 months of NDP9 implementation and serves as APR for 2021 and2022. The MTR also identifies the gaps, challenges, and lessons learned, and makespractical recommendations for improvement in the implementation of NDP9’s finalphase from 2023 to 2024.
Keywords:
member country's Poverty Reduction Strategy Paper; Poverty Reduction Strategy Paper to the executive boards; copyright page; objective of the JSAN; government program; Poverty reduction strategy; Global
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.
Economic activity is recovering as rains resumed in 2023, and the authorities continue to advance their efforts to rebuild the economy and institutions. However, despite significant progress achieved, Somalia remains fragile, facing challenges from climate shocks, an unsettled security situation as the government advances against Al-Shabab amid the withdrawal of the African Union Transition Mission, and lack of political consensus among all Federal Member States that affects advancement of the federalism agenda.
Keywords:
Somali authorities; ECF arrangement; HIPC Completion Point; government institution; ECF program; Debt relief; Debt service; Global
Cover IMF Staff Country Reports
Somalia: Enhanced Heavily Indebted Poor Countries Initiative-Completion Point Document
International Monetary Fund. Middle East and Central Asia Dept.
Somalia has been rebuilding state institutions and the economy since the end of the devastating civil war, with strong support from the international community. The civil war led to complete state collapse, with tremendous loss of human and physical capital. Since the 2012 Provisional Constitution that created the Federal Government of Somalia (FGS) and the Federal Member States (FMS), Somalia has successfully undertaken three national elections, and Parliamentary and Presidential elections were completed in May 2022. With financial and capacity development support from international partners, Somalia has pursued wide-ranging reforms to help strengthen key economic and financial policy institutions as well as improve governance.
Keywords:
HIPC debt relief; MDRI debt relief; reform journey; Somali authorities; IDA portfolio; IMF press release No. 23/437; Somalia's debt relief process; reconciliation exercise; Debt relief; Debt service; Arrears; Debt service ratios; Global; Middle East and Central Asia; Southern Africa; East Africa
Cover IMF Staff Country Reports
Somalia: Technical Assistance Report-National Accounts Statistics Mission
International Monetary Fund. Statistics Dept.
A technical assistance mission to the National Bureau of Statistics of Somalia (SNBS) supported work to conduct a comprehensive revisions exercise on estimates of Gross Domestic Product (GDP) by expenditure; rebase GDP from base year 2017 to 2022; and extend the GDP time series to 2022. It did so by processing and incorporating new data, most notably the 2022 Somalia Integrated Household Budget Survey (SIHBS), a key new source which is also being used to update consumer price index (CPI) weights. The SIHBS results underpin an upward revision to GDP levels, resulting from higher values of household consumption, particularly of nonfood items. These improvements to data and methods will improve the understanding of the Somalia economy, both for domestic policymaking and international surveillance.
Keywords:
GDP; GDP by expenditure; GDP at constant prices; rebased; comprehensive revisions; household consumption.; compilation system; SNBS website; GDP data; population census result; IMF surveillance; IMF's statistics department; agriculture census; Somalia GDP estimate; Imports; Household consumption; Consumption
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 International Monetary Fund Annual Report 2023 Financial Statements
International Monetary Fund Annual Report 2023 Financial Statements
International Monetary Fund. Secretary's Department

Abstract

The audited financial statements that follow form Appendix VI of the International Monetary Fund’s Annual Report 2023 and can be found, together with Appendixes I through V and other materials, on the Annual Report 2023 web page (www.imf.org/AR2023). They have been reproduced separately here as a convenience for readers. Quarterly updates of the IMF’s Finances are available at www.imf.org/external/pubs/ft/quart/index.htm.

Keywords:
inflation; debt vulnerabilities; inequality; food insecurity; geoeconomic fragmentation; climate change; digitalization; capacity development; lending; economic surveillance; Deputy managing director; IMF organization chart; boards of governors of the bank; Joint Ministerial Committee of the boards of governors; fair value; fixed income; unit of account; SDR currency; loan account; Financial statements; Credit risk; Income; Loans; Credit; Global; Europe
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 Policy Papers
2023 Review of Resource Adequacy of the Poverty Reduction and Growth Trust, Resilience and Sustainability Trust, and Debt Relief Trusts
International Monetary Fund. Legal Dept., International Monetary Fund. Finance Dept., and International Monetary Fund. Strategy, Policy, & Review Department
This paper provides an integrated perspective across the Trusts of the Fund. It is the first annual review that combines discussion of the adequacy of the resources of the Fund’s Poverty Reduction and Growth Trust (PRGT) and debt relief trusts, including the Catastrophe Containment and Relief Trust (CCRT), with that of the Resilience and Sustainability Trust (RST). The review of the PRGT assesses recent developments for lending demand, fundraising, and interest rates and compares them to the baseline projections underpinning the July 2021 reforms. A multi-pronged strategy is proposed to address identified strains on PRGT finances while minimizing negative effects for PRGT borrowers and preserving the confidence of PRGT lenders. On the recently established RST, this paper reports its fundraising progress; discusses demand developments and outlook for RST financing; assesses adequacy of loan resources and reserves; and examines, in view of increases in the SDR interest rate, the implications of adopting an interest rate cap at 2¼ percent for the lowest income group eligible for RST borrowing.
Keywords:
Poverty Reduction and Growth Trust (PRGT); Resilience and Sustainability Trust (RST); Catastrophe Containment and Relief Trust (CCRT); Heavily Indebted Poor Countries (HIPC); Resource Adequacy; Concessional financing; Funding; loan resource; resource side; reserve account; subsidy gap; lending commitment capacity; Loans; SDR interest rate; Interest rate ceilings; Credit; Liquidity requirements; Global
Cover IMF Working Papers
Are We Heading for Another Debt Crisis in Low-Income Countries? Debt Vulnerabilities: Today vs the pre-HIPC Era
Chuku Chuku, Prateek Samal, Joyce Saito, Ms. Dalia S Hakura, Mr. Marcos d Chamon, Mr. Martin D. Cerisola, Guillaume Chabert, and Mr. Jeromin Zettelmeyer
There are growing concerns that 25 years after the launch of the HIPC debt relief initiative, many low-income countries are again facing high debt vulnerabilities. This paper compares debt vulnerabilities in LICs today versus those on the eve of the HIPC Initiative and examines challenges to a similarly designed debt-relief framework. While solvency and liquidity indicators in most LICs have steadily worsened in recent years, they remain substantially better on average than they were on the eve of HIPC in the mid-1990s. This said, if current trends persist, debt vulnerabilities in LICs could (but would not necessarily) reach levels comparable to the pre-HIPC era over the medium- to long-term. Today’s more complex creditor landscape makes coordination challenging. It is therefore essential for countries to reduce today’s debt burdens promptly through economic reform, lowering the cost of financing, and debt restructuring on a case-by-case basis. The international community should also step up efforts to improve debt restructuring processes, including the G20 Common Framework, to ensure that debt relief is delivered in a timely and efficient manner where it is needed.
Keywords:
Debt Vulnerabilities; Creditor Coordination; Debt Relief; Low-Income Countries; Debt Sustainability Analysis; HIPC; Debt Overhang; HIPC debt burden indicator; HIPC debt relief initiative; financing landscape; LICS financing Needs; debt vulnerability; MDRI debt relief; Debt burden; Debt sustainability; Debt service; Global