Somalia: 2024 Article IV Consultation and Second Review Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia

International Monetary Fund

No 2024/346, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper highlights Somalia’s 2024 Article IV Consultation and Second Review under the Extended Credit Facility. Discussions focused on policies and reforms to increase resilience, reduce poverty, and promote inclusive growth, including through advancing the implementation of the national development plan and the forthcoming national transformation plan. Somalia’s program performance has been strong, demonstrating the authorities’ steadfast commitment to macroeconomic stability and strengthening institutional capacity and frameworks. Real gross domestic product growth projections for Somalia have been upgraded to 4 percent for 2024 and 2025 based on strong exports and remittances. However, risks remain elevated, including from regional and domestic security developments, commodity prices and climate shocks. Ongoing efforts to strengthen central bank institutional capacity are commendable. Sustained reform efforts are needed to set the conditions for greater resilience, poverty reduction, and inclusive growth. This includes strengthening tax capacity and public financial management, promoting financial deepening, and improving governance.

Keywords: Somali authorities; U.S. dollar banknote; IMF CD support; capacity development support; payments system oversight; Debt relief; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global; Middle East; North Africa; East Africa; Africa (search for similar items in EconPapers)
Pages: 130
Date: 2024-12-17
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