Somalia: Poverty Reduction Strategy Paper-Joint Staff Advisory Note

International Monetary Fund

No 2023/441, IMF Staff Country Reports from International Monetary Fund

Abstract: This Joint Staff Advisory Note (JSAN) on the Poverty Reduction Strategy Paper for Somalia highlights that Somalia continued to face challenges while implementing the Ninth National Development Plan in 2021 and 2022. Since 2020, the country has been struggling with the ongoing impacts of a desert locust infestation, persistent drought, the coronavirus disease 2019 pandemic and global food and fuel price increases due to Russia’s invasion of Ukraine. All of these shocks compounded the hardships of the population, including food insecurity. The number of people facing food insecurity due to the drought rose from 3.2 million in January 2022 to5.6 million by end-2022. Parliamentary and Presidential elections that were supposed to commence by end-2020 were not completed until in May 2022, also affecting the timing of external grant disbursements. The mid-term review report addresses concerns raised in staffs’ previous JSAN on Enhanced Heavily Indebted Poor Countries (HIPC) Completion Point, climate change, and revenue mobilization. In terms of progress toward the HIPC Completion Point, as of September 2023 the government has completed 13 of 14 Completion Point triggers.

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 (search for similar items in EconPapers)
Pages: 17
Date: 2023-12-21
New Economics Papers: this item is included in nep-inv
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