Somalia: Poverty Reduction Strategy Paper-Joint Staff Advisory Note

International Monetary Fund

No 2023/287, IMF Staff Country Reports from International Monetary Fund

Abstract: 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 (search for similar items in EconPapers)
Pages: 18
Date: 2023-07-31
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