Somalia: Enhanced Heavily Indebted Poor Countries Initiative-Completion Point Document

International Monetary Fund

No 2023/424, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper on Somalia focuses on completion point document for enhanced heavily indebted poor countries (HIPC) initiative. Somalia has been rebuilding state institutions and the economy since the end of the devastating civil war, with strong support from the international community. Somalia has implemented critical reforms in support of pro-poor growth, poverty reduction, better public financial management and debt management. These reforms establish the conditions for the effective use of irrevocable debt relief to support the people of Somalia. Deepening structural reforms after the Completion Point will be critical to boost private sector growth and create fiscal space to invest more in human development and infrastructure in support of inclusive and resilient growth. The Somali authorities remain firmly committed to sustaining the reform momentum post-HIPC to build resilience, promote inclusive growth, and reduce poverty. The World Bank and IMF will continue working together to provide the technical assistance and policy guidance the authorities need to achieve these goals. The IMF will continue its engagement with Somalia in the context of the new three-year IMF financial arrangement as well as capacity development support sponsored by the Somalia Country Fund.

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 (search for similar items in EconPapers)
Pages: 80
Date: 2023-12-18
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