Somalia: Staff Report for the First Review Under the Extended Credit Facility Arrangement, and Requests for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Somalia

International Monetary Fund

No 2024/158, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents Somalia’s First Review under the Extended Credit Facility Arrangement, and Requests for Modification of Performance Criteria. Real GDP growth is expected to rise to 3.7 percent in 2024 compared to 2.8 percent in 2023, supported by continued recovery in agriculture, greater remittances, and higher investment. Somalia has continued to advance its reform agenda and program performance has been strong. Policy priorities are to maintain fiscal sustainability, strengthen revenues and public financial management, promote financial deepening, improve governance, and enhance statistics. Ongoing reforms to strengthen central bank institutional capacity are commendable. Careful formulation of the monetary and exchange rate policy frameworks is important in the context of the planned currency reform. Measures to bolster inclusive growth and strengthen resilience are important. The authorities are focused on building capacity in the petroleum sector and implementing its legal framework. Addressing food insecurity, building climate resilience, and enhancing trade integration are central to ensuring Somalia’s long-term development.

Keywords: Somali authorities; program floor; staff appraisal; program ceiling; Net international reserves; Debt relief; Debt service; Global (search for similar items in EconPapers)
Pages: 121
Date: 2024-06-10
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