Middle East and Central Asia > Somalia

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International Monetary Fund. Middle East and Central Asia Dept.
This letter provides IMF staff’s assessment of macroeconomic policies in Somalia. It also discusses the authorities’ intention to reintroduce the Somali Shilling and implement a currency board arrangement, which the IMF will be supporting through extensive capacity development and the Extended Credit Facility arrangement. This assessment letter has been requested by the Central Bank of Somalia with the objective of sharing it with international partners to explain the currency reform and seek their support.
International Monetary Fund. Middle East and Central Asia Dept.
Economic activity has picked up in recent months, supported by a rebound in agriculture and remittances, and growth projections for 2024 and 2025 have been upgraded to 4 percent. However, the domestic security situation remains challenging and geopolitical tensions in the Horn of Africa remain elevated.