Somalia: Fifth Review Under the Extended Credit Facility Arrangement, Requests for Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria and Indicative Target, and Interim Assistance-Press Release; and Staff Report

International Monetary Fund

No 2023/187, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper presents Somalia’s Fifth Review under the Extended Credit Facility (ECF) Arrangement, Requests for Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria and Indicative Target, and Interim Assistance. Despite significant challenges, including from the continued severe food crisis, Somalia has maintained strong reform momentum and program performance has been satisfactory. The authorities’ steady progress under the Heavily Indebted Poor Countries (HIPC) process is important to lay the ground for achieving the Completion Point in late 2023. Continued support from international partners is imperative to support the authorities’ policy efforts. The authorities are committed to advancing fiscal and institutional reforms, and normalizing relations with all external creditors. In particular, sustained efforts are needed to strengthen domestic revenue mobilization to make room for priority spending, while containing discretionary expenditure pressures. Timely financing and capacity development support from development partners is essential for the successful implementation of the authorities’ reform strategy. Contributions from Somalia’s partners to the Somalia Country Fund are critical to ensure smooth delivery of IMF technical assistance to support the goals of the ECF-supported program and the HIPC Initiative.

Keywords: IMF CD support; General government operation; IMF staff estimate; ECF arrangement; policy slippage; Debt relief; Debt sustainability analysis; Budget planning and preparation; Global (search for similar items in EconPapers)
Pages: 94
Date: 2023-05-31
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=533980 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2023/187

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().