International Monetary Fund (IMF) / Press Release

Source: International Monetary Fund (IMF) | Nov 01, 2023

International Monetary Fund (IMF) Reaches Staff-Level Agreement with Somalia on a 36-Month Extended Credit Facility Arrangement

Contributions from Somalia’s partners to the Somalia Country Fund are also critical to ensure smooth delivery of IMF technical assistance to support the authorities as they implement the reform agenda

Somalia has maintained strong implementation of wide-ranging reforms to help strengthen key economic and financial policy institutions, which is paving the way for Somalia to reach debt relief at the Heavily Indebted Poor Countries (HIPC) Completion Point in December 2023; Building on this progress, the Somali authorities and IMF staff…

Source: International Monetary Fund (IMF) | Sep 22, 2023

International Monetary Fund (IMF) Staff Completes Staff-Level Agreement with Somalia on the Sixth Review under the Extended Credit Facility (ECF)

The Somali authorities have requested a successor IMF-supported program to continue advancing reforms that strengthen key economic institutions and promote macroeconomic stability and inclusive growth

Somalia has maintained strong reform momentum and program performance has been broadly satisfactory. IMF staff and the Somali authorities have reached staff-level agreement on the sixth review of Somalia’s Extended Credit Facility (ECF) arrangement; The Somali authorities have continued to make progress toward meeting the conditions for achieving the HIPC…

Source: International Monetary Fund (IMF) | Mar 20, 2023

International Monetary Fund (IMF) Staff Completes Staff-Level Agreement on the Fifth Review of the Extended Credit Facility Arrangement for Somalia

This agreement is subject to approval of the IMF’s Executive Board

Despite significant challenges, including from the continued severe food crisis, Somalia has maintained strong reform momentum and program performance has been satisfactory. A staff-level agreement was reached on the fifth review of Somalia’s Extended Credit Facility (ECF) arrangement; The authorities’ steady progress under the Heavily Indebted Poor Countries (HIPC) process…

Source: International Monetary Fund (IMF) | Dec 20, 2022

Austria contributes €14.9 million to International Monetary Fund's (IMF) PRG-HIPC Trust in support of Somalia and Sudan Debt Relief

The HIPC Initiative was launched in 1996 by the IMF and World Bank, with the aim of ensuring that no poor country faces a debt burden it cannot manage

On December 16, 2022, Austria disbursed a €14.9 million grant (about US$15.8 million) for the International Monetary Fund's (IMF) Heavily Indebted Poor Countries (HIPC) Initiative. This contribution will allow the IMF to provide debt relief to Somalia and Sudan once all the conditions under HIPC have been met. The HIPC…

Source: International Monetary Fund (IMF) | Oct 18, 2022

International Monetary Fund (IMF) Staff Completes Staff-Level Agreement on the Fourth Review of the Extended Credit Facility for Somalia and Conducts the 2022 Article IV Consultation

The government continues to mobilize external funding and coordinate with the UN system on delivery of humanitarian assistance

Somalia is facing a severe food crisis. The government continues to mobilize external funding and coordinate with the UN system on delivery of humanitarian assistance. Continued support from international partners is imperative to prevent extreme hunger; despite these challenges program performance has been satisfactory, and the reform momentum has been…

Source: International Monetary Fund (IMF) | Mar 08, 2022

IMF Staff Completes Virtual Mission to Discuss the Second and Third Reviews of the Extended Credit Facility to Somalia

An International Monetary Fund (IMF) team, led by Laura Jaramillo, held a virtual mission during February 22 – March 7, 2022, to conduct the first stage of the second and third reviews of Somalia’s economic program

Notwithstanding COVID-19 and drought, the Somali authorities have preserved macroeconomic stability, supported by use of the 2021 general SDR allocation; Program performance remained commendable in 2021, and the reform momentum was maintained; Timely resolution of the political uncertainty and successful completion of elections is critical to avert the automatic lapse…

Source: International Monetary Fund (IMF) | Feb 13, 2020

International Monetary Fund (IMF) and World Bank Consider Somalia Eligible for Assistance Under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative

This assessment is an important step towards forgiveness of most of Somalia’s debt, which measured US$5.3 billion at the end of 2018

The Executive Boards of the International Monetary Fund (IMF) and World Bank met, on February 12 and 13, respectively, to consider Somalia’s eligibility for debt relief under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. The Executive Boards commended the authorities’ sustained commitment to economic and institutional reforms under challenging…

Source: International Monetary Fund (IMF) | Nov 18, 2019

International Monetary Fund (IMF) Management Complete the First Review Under the Staff-Monitored Program with Somalia

The IMF supports Somalia’s efforts to secure debt relief and is working with its members to secure the financial resources necessary to cover the IMF’s costs of debt relief

IMF staff commends the authorities for implementing key reforms and for satisfactory performance under the fourth Staff-Monitored Program (SMP); Maintaining strong performance and support from international partners will pave the way for Somalia to receive debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative; The IMF supports Somalia’s efforts…

Source: International Monetary Fund (IMF) | Sep 18, 2019

International Monetary Fund (IMF) Staff completes First Review under the Staff-Monitored Program for Somalia

The IMF team and the Somali authorities reached a staff-level agreement on the completion of the first review

Somali authorities and IMF staff reach a staff-level agreement on the completion of the first review of the fourth Staff-Monitored Program (SMP IV); authorities’ continued strong commitment to economic and financial reform is supporting satisfactory performance under SMP IV. An International Monetary Fund (IMF) staff team led by Allison Holland visited…

Source: International Monetary Fund (IMF) | Aug 01, 2019

International Monetary Fund (IMF) Executive Board Concludes 2019 Article IV Consultation with Somalia

The Federal Government of Somalia’s (FGS) continued efforts to broaden the tax base and strengthen tax administration has been reflected in increased domestic revenue

On July 22, 2019, the Executive Board of the International Monetary Fund (IMF) concluded the 2019 Article IV consultation [1] with Somalia. Improved confidence, on the back of the continued implementation of reforms, and strong donor support continue to support economic activity, especially in the telecom, trade, construction, and financial sectors. However, poor…

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