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International Monetary Fund. Statistics Dept.
A technical assistance (TA) mission was conducted by the statistics department of the IMF in May 2023 to assist the Somalia National Bureau of Statistics (SNBS) with updating the Consumer Price Index (CPI). Preliminary consumer basket was created during the mission with expanded coverage, and the higher aggregate weights were calculated using the updated classification of individual consumption by purpose (COICOP 2018). Somali Integrated Household Budget Survey (SIHBS) 2022 was used as a main source for calculating preliminary CPI weights. The index compilation methodology was reviewed and recommendations for improvements were provided.
International Monetary Fund. Middle East and Central Asia Dept.
This Joint Staff Advisory Note (JSAN) on the Poverty Reduction Strategy Paper for Somalia highlights that Somalia continued to face challenges while implementing the Ninth National Development Plan in 2021 and 2022. Since 2020, the country has been struggling with the ongoing impacts of a desert locust infestation, persistent drought, the coronavirus disease 2019 pandemic and global food and fuel price increases due to Russia’s invasion of Ukraine. All of these shocks compounded the hardships of the population, including food insecurity. The number of people facing food insecurity due to the drought rose from 3.2 million in January 2022 to5.6 million by end-2022. Parliamentary and Presidential elections that were supposed to commence by end-2020 were not completed until in May 2022, also affecting the timing of external grant disbursements. The mid-term review report addresses concerns raised in staffs’ previous JSAN on Enhanced Heavily Indebted Poor Countries (HIPC) Completion Point, climate change, and revenue mobilization. In terms of progress toward the HIPC Completion Point, as of September 2023 the government has completed 13 of 14 Completion Point triggers.
International Monetary Fund. Middle East and Central Asia Dept.
This paper presents the Sixth Review under the Extended Credit Facility (ECF) Arrangement and Request for a Three-Year Arrangement under the ECF. The authorities’ strong commitment and successful implementation of reforms to rebuild Somalia’s economy and institutions, including the completion of the program supported by the ECF, have led to Somalia reaching the completion point under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. Somalia’s new ECF-supported program builds on progress so far, including the HIPC Completion Point, and seeks to advance reforms to strengthen key economic institutions and promote inclusive growth. Continued financial and capacity development support from international partners is imperative to support the authorities’ reform efforts. Fiscal policy will be guided by a prudent framework that balances the need for higher development expenditure with protecting fiscal sustainability and taking into account capacity constraints. External financing is expected to be based solely on grants and concessional loans to preserve debt sustainability.
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.