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

No 2023/438, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents the Sixth Review under the Extended Credit Facility (ECF) Arrangement and Request for a Three-Year Arrangement under the ECF. The authorities’ strong commitment and successful implementation of reforms to rebuild Somalia’s economy and institutions, including the completion of the program supported by the ECF, have led to Somalia reaching the completion point under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. Somalia’s new ECF-supported program builds on progress so far, including the HIPC Completion Point, and seeks to advance reforms to strengthen key economic institutions and promote inclusive growth. Continued financial and capacity development support from international partners is imperative to support the authorities’ reform efforts. Fiscal policy will be guided by a prudent framework that balances the need for higher development expenditure with protecting fiscal sustainability and taking into account capacity constraints. External financing is expected to be based solely on grants and concessional loans to preserve debt sustainability.

Keywords: Somali authorities; ECF arrangement; HIPC Completion Point; government institution; ECF program; Debt relief; Debt service; Global (search for similar items in EconPapers)
Pages: 123
Date: 2023-12-20
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