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International Monetary Fund. Middle East and Central Asia Dept.

) SDR holdings in the IMF SDR department, net of (i) unused portion of the government’s share of the 2021 IMF General SDR allocation, (ii) government deposits in foreign currency held abroad; and (iii) other foreign currency deposits by residents of Somalia held abroad. Table 12. Somalia: Proposed Structural Benchmarks Under the ECF (June 2022–June 2023) Benchmarks Target dates Sector/FGS Agency Rationale Monitoring Status 1 Issue guidance for (1) financial reporting and accounting standards and (2) Shariah governance

International Monetary Fund. African Dept.

owing to data limitations, except for debt from the regional development bank (BOAD), which is included as external debt for the purpose of the DSA. The baseline also includes on-lending from the central bank related to the 2021 IMF general SDR allocation as part of the domestic debt stock: in line with the WAEMU-wide agreement, the BCEAO on-lent Benin its portion of the SDR allocation (1.0 percent of GDP). Text Table 1. Benin: Public Debt Coverage Under the Baseline Scenario Subsectors of the public sector Sub-sectors covered 1 Central

International Monetary Fund. Middle East and Central Asia Dept.
Notwithstanding multiple shocks—including COVID-19, drought, and surge in commodity prices—the Somali authorities have preserved macroeconomic stability and maintained the reform momentum, supported by use of the SDR allocation and cash balances. After some considerable delay, Parliamentary and Presidential elections were successfully completed, and President Mohamud was sworn in on May 15, 2022. The authorities have affirmed their commitment to the objectives and policies underpinning the program supported by the Extended Credit Facility and the HIPC process.
International Monetary Fund. Western Hemisphere Dept.

. Colombia’s gross reserves increased slightly by about US$0.6 billion in 2021 owing to realized valuation gains and the 2021 IMF General SDR Allocation of roughly US$2.8 billion, which was offset by the selling of the same US$ amount to the government. The central bank intervened in the FX market between March 13, 2020 and February 3, 2021 by an amount of USD 9.1 billion, mainly through introducing auctions of forward contracts (NDFs) to provide liquidity and hedging mechanisms in local currency markets. Assessment . The flexible exchange rate has long served as the

International Monetary Fund and World Bank

, including debt sustainability, and supporting sustained, inclusive, resilient growth, and macroeconomic stability. IMF-supported programs : Fund-supported programs help member countries to resolve their balance of payments problems and support sustained, inclusive, and resilient growth through a combination of reforms and financing. IMF general SDR allocation . In August 2021, the IMF approved a general allocation of Special Drawing Rights (SDRs) equivalent to US$650 billion, the largest in the IMF history. The SDR allocation addresses the long-term global need for

International Monetary Fund and World Bank
The coronavirus crisis has stiffened debt and development-related headwinds that had become strong even before 2020. Sustaining development while maintaining debt sustainability has been made harder by the protracted effects of the pandemic on public finances, earnings and employment, and human capital accumulation of vulnerable populations. The fiscal support programs financed by public debt provided relief and saved lives and livelihoods. But debt-induced uncertainty can now dampen investment and growth, especially given rising global interest rates. Bigger debt servicing burdens will reduce available fiscal space for development and stabilization and growing sovereign debt financing needs can crowd out domestic investment. Over-indebtedness can adversely affect economic development through many channels—"debt overhang,” “fiscal space,” “crowding out” and increased crisis risk —making countries vulnerable to abrupt changes in market sentiment, jeopardizing both stability and growth.
International Monetary Fund. Western Hemisphere Dept.
Colombia’s economy rebounded strongly in 2021 with 10.6 percent growth led by pent-up domestic demand, notably private consumption. Around 66 percent of the population is fully vaccinated against Covid-19 as of end-February and the economy continues to reopen more fully. While GDP has already reached pre-pandemic levels, employment has trailed in its recovery and macroeconomic imbalances have emerged. Amid strong demand, supply constraints, and rising commodity prices, rising inflation exceeded the upper limit of the central bank’s tolerance range in 2021. With demand-led growth and higher import prices, the current account deficit widened to 5¾ percent of GDP. Under staff’s assumptions for the evolution of the pandemic, above-potential growth around 5½ percent is expected in 2022, led by robust household consumption and a continued recovery of investment and exports. External vulnerabilities remain elevated with high external financing needs and tighter financial conditions. External risks remain elevated and an intensification of the ongoing conflict in Ukraine may impart considerable volatility in financial and commodity markets. Domestic risks are also tilted to the downside—including uncertainty around the evolution of the pandemic, political uncertainty with national elections this year, and slower implementation of the infrastructure agenda and peace accords.
International Monetary Fund. African Dept.

.5     Multilateral (excl. IMF) 1.3 1.0     Bilateral 0.2 0.9     Commercial 0.9 -0.3     Eurobond 0.0 7.9 1 BOAD treated as domestic financing before 2022. Box 1. Use of SDR Allocation The IMF general SDR allocation of August 2021 was equivalent to around 1.0 percent of GDP for Benin ( Text Table 1 ). The BCEAO, the fiscal agent of WAEMU member countries, on-lent the equivalent CFAF amount (95 billion) to Benin (recorded as domestic debt) 1 . The authorities reportedly channeled the funds to additional spending on

International Monetary Fund. Western Hemisphere Dept.

, the BCRP increased its interventions to contain volatility in the context of the heightened political uncertainty, selling US$17.5 billion (7.7 percent of GDP), including US$11.6 billion on the spot market (5.1 percent of GDP). Interventions on the non-spot market were done mainly through FX swap transactions. Peru’s gross reserves increased by about US$3.6 billion in 2021 including due to realized valuation gains and the 2021 IMF General SDR Allocation of roughly US$1.8 billion. Components of GIR and ARA Metric (US$ billion) Source: BCRP and IMF staff estimates

International Monetary Fund. African Dept.

Central Bank (BEAC) on time. We remain committed to supporting the CEMAC in rebuilding its reserves. Against this background, we are committed to saving part of the additional oil revenues linked to the increase in oil prices as well as part of the SDRs allocated to Gabon in 2021 under the fourth IMF general SDR allocation. We remain fully committed to improving program implementation and intend to complete all the structural reforms described in this MEFP for stronger and more inclusive growth. We remain convinced that these measures will help achieve the