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International Monetary Fund. Middle East and Central Asia Dept.

1. In the attached letter, the Somali authorities request an extension of the date on which the arrangement under the Extended Credit Facility (ECF) will automatically expire unless a review is completed to August 17, 2022 . On March 25, 2020, the Executive Board approved Somalia’s HIPC Initiative Decision Point 1 and a three-year arrangement under the ECF. 2 The first review under the ECF arrangement was completed by the Executive Board on November 18, 2020. 3 However, as no review has been completed since then, the ECF arrangement is set to

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. Middle East and Central Asia Dept.
The authorities are requesting additional interim HIPC assistance from the Fund in the amount of SDR 680,000 (Appendix I) to cover the period March 25, 2021- March 24, 2022. The interim HIPC assistance will be applied to cover 100 percent of eligible debt service to the IMF falling due over the 12 months starting from March 25, 2021.
International Monetary Fund. Middle East and Central Asia Dept.

: (202) 623–7430 • Fax: (202) 623–7201 E-mail: publications@imf.org Web: http://0-www-imf-org.library.svsu.edu Price: $18.00 per printed copy International Monetary Fund Washington, D.C . © 2019 International Monetary Fund Front Matter Page SOMALIA STAFF REPORT FOR THE 2019 ARTICLE IV CONSULTATION, SECOND REVIEW UNDER THE STAFF-MONITORED PROGRAM, AND REQUEST FOR NEW STAFF-MONITORED PROGRAM June 28, 2019 Key Issues Background and context . The Somali authorities continue to make important strides in state-building and maintaining political and

International Monetary Fund. Middle East and Central Asia Dept.

relief on some basic food commodities (partly offset by a permanent tax increase on some other products); (ii) donor-funded expansion of the social safety net; (iii) donor-funded lending-support to small and medium-sized enterprises; and (iv) additional donor-funded transfers to federal member states (FMS). Figure 1. Somalia: High Frequency Indicators, 2019–2020 Sources: Somali authorities, IMF staff calculations, and Johns Hopkins University 3. The upcoming national elections add political uncertainty . A new Prime Minister (PM) was approved on September

International Monetary Fund. Middle East and Central Asia Dept.

6.5 3.8 Source: Somali authorities and Fund staff estimates Text Table 2. Somalia: Draft Budget vs. Staff Projections for 2022 (Millions of U.S. dollars) Draft budget Staff proj. 2022 2022 Revenue and grants 11.4 6.7 Domestic revenue 3.0 3.0 Grants 8.4 3.6 Budget support 2.4 1.6 Project grants 5.9 2.0 Expenditure 11.2 7.0 Non-project 5.3 5.0 Project 5.9 2.0 Overall balance 0.1 -0.3 Source: Somali

International Monetary Fund. Middle East and Central Asia Dept.

the IMF have been restored, the country is still facing tremendous challenges. Arrears accumulated during years of conflict have impaired Somalia’s ability to service its external debt, while rendering the country ineligible for the much needed IMF financial assistance. In addition, the political and security environment has slowed the rebuilding progress. As a result, the country’s recovery process is not expected to be easy. However, with support from the international community, our Somali authorities are determined to forge ahead with the necessary reforms

International Monetary Fund. Middle East and Central Asia Dept.

… … 17.1 … 32.9 … 0.0 0.0 Financing (4 + 5) … … 22.9 … 32.9 … 0.0 0.0 Memorandum items : Repayment of arrears (from expenditure) 0.0 26.8 2.2 17.0 11.3 11.3 9.3 12.8 Stock of domestic arrears (end of year) 30.4 … 45.3 28.3 67.0 34.0 24.8 12.0 Sources: Somali authorities; and Fund staff estimates and projections. 1/ Includes only donor support provided through local treasury systems. 2/ Expenditures from hypothecated revenue in 2015.