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Books and Analytical Papers > IMF Staff Country Reports

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Cover IMF Staff Country Reports
United Arab Emirates: 2024 Article IV Consultation-Press Release; and Staff Report
International Monetary Fund. Middle East and Central Asia Dept.
Economic growth remains strong, driven by robust domestic activity. Inflation has moderated sharply with lower tradables prices. Relatively high oil prices support high fiscal and external balances and significant sovereign buffers. Banks have ample capital and liquidity buffers overall, and real estate activity remains buoyant. Substantial reform- and climate-related initiatives and investment spending continue.
Cover IMF Staff Country Reports
Somalia: Staff Report for the First Review Under the Extended Credit Facility Arrangement, and Requests for Modification of Performance Criteria-Press Release; Staff Report; and Statement by the Executive Director for Somalia
International Monetary Fund. Middle East and Central Asia Dept.
This paper presents Somalia’s First Review under the Extended Credit Facility Arrangement, and Requests for Modification of Performance Criteria. Real GDP growth is expected to rise to 3.7 percent in 2024 compared to 2.8 percent in 2023, supported by continued recovery in agriculture, greater remittances, and higher investment. Somalia has continued to advance its reform agenda and program performance has been strong. Policy priorities are to maintain fiscal sustainability, strengthen revenues and public financial management, promote financial deepening, improve governance, and enhance statistics. Ongoing reforms to strengthen central bank institutional capacity are commendable. Careful formulation of the monetary and exchange rate policy frameworks is important in the context of the planned currency reform. Measures to bolster inclusive growth and strengthen resilience are important. The authorities are focused on building capacity in the petroleum sector and implementing its legal framework. Addressing food insecurity, building climate resilience, and enhancing trade integration are central to ensuring Somalia’s long-term development.
Keywords:
Somali authorities; program floor; staff appraisal; program ceiling; Net international reserves; Debt relief; Debt service; Global
Cover IMF Staff Country Reports
Somalia: Enhanced Heavily Indebted Poor Countries Initiative-Completion Point Document
International Monetary Fund. Middle East and Central Asia Dept.
This paper on Somalia focuses on completion point document for enhanced heavily indebted poor countries (HIPC) initiative. Somalia has been rebuilding state institutions and the economy since the end of the devastating civil war, with strong support from the international community. Somalia has implemented critical reforms in support of pro-poor growth, poverty reduction, better public financial management and debt management. These reforms establish the conditions for the effective use of irrevocable debt relief to support the people of Somalia. Deepening structural reforms after the Completion Point will be critical to boost private sector growth and create fiscal space to invest more in human development and infrastructure in support of inclusive and resilient growth. The Somali authorities remain firmly committed to sustaining the reform momentum post-HIPC to build resilience, promote inclusive growth, and reduce poverty. The World Bank and IMF will continue working together to provide the technical assistance and policy guidance the authorities need to achieve these goals. The IMF will continue its engagement with Somalia in the context of the new three-year IMF financial arrangement as well as capacity development support sponsored by the Somalia Country Fund.
Keywords:
HIPC debt relief; MDRI debt relief; reform journey; Somali authorities; IDA portfolio; IMF press release No. 23/437; Somalia's debt relief process; reconciliation exercise; Debt relief; Debt service; Arrears; Debt service ratios; Global; Middle East and Central Asia; Southern Africa; East Africa