IMF Staff Country Reports

Somalia: Second and Third Reviews Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criterion, Modification of Performance Criteria, Interim Assistance and Rephasing of Access and Extension of the Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Somalia

July 19, 2022

Download PDF Order a Print Copy
Order a Print Copy

Preview Citation

Format: Chicago

Somalia: Second and Third Reviews Under the Extended Credit Facility Arrangement and Request for Modification of Performance Criterion, Modification of Performance Criteria, Interim Assistance and Rephasing of Access and Extension of the Arrangement-Press Release; Staff Report; and Statement by the Executive Director for Somalia, (USA: International Monetary Fund, 2022) accessed December 24, 2024

Summary

This paper presents Somalia’s Second and Third Reviews under the Extended Credit Facility Arrangement, Request for Waiver of Nonobservance of a Performance Criterion, Modification of Performance Criteria, Interim Assistance, and Rephasing of Access and Extension of the Arrangement. The Somali authorities have preserved macroeconomic stability and maintained the reform momentum, notwithstanding multiple shocks. The authorities have affirmed their commitment to the objectives and policies underpinning the program supported by the Extended Credit Facility and the heavily indebted poor countries process. The authorities will continue strengthening domestic revenue mobilization, including customs modernization and increasing revenue collection from the telecom sector. Key reforms on public financial management (PFM) include issuance of the PFM regulations and payroll integration. The authorities are also working toward harmonizing the legal framework for the extractive industries. Notwithstanding the multiple challenges, the authorities have met most of the conditionality established at the first review. Since then, they have also taken steps to preserve macroeconomic stability and continued to implement policies in line with the objectives of the program, in close collaboration with IMF.

Subject: Asset and liability management, External debt, International organization, Monetary policy, Public debt, Public financial management (PFM), Revenue administration

Keywords: Budget planning and preparation, Debt relief, ECF arrangement, General government operation, General SDR allocation, Global, Net SDR position, Somali authorities

Publication Details

  • Pages:

    108

  • Volume:

    ---

  • DOI:

    ---

  • Issue:

    ---

  • Series:

    Country Report No. 2022/228

  • Stock No:

    1SOMEA2022002

  • ISBN:

    9798400216343

  • ISSN:

    1934-7685

You May Also Be Interested In...

Paraguay: Public Investment Management Assessment – PIMA and Climate PIMA

December 24, 2024

Central Bank Stress Testing—Guidance Note

December 23, 2024

Republic of Kosovo: 2024 Article IV Consultation and Third Reviews Under the Stand-By Arrangement and the Arrangement Under the Resilience and Sustainability Facility-Press Release; and Staff Report

December 23, 2024

Paraguay: Fourth Review Under the Policy Coordination Instrument, Request for Modification of Targets, Second Review Under the Arrangement Under the Resilience and Sustainability Facility, and Request for Rephasing Access-Press Release; and Staff Report

December 23, 2024