Source: International Monetary Fund (IMF) |

International Monetary Fund (IMF) Staff Completes Review Visit and Reaches Staff-Level Agreement on a Third Staff-Monitored Program with Somalia

For 2018, growth is projected to increase to 3.1 percent from an estimated 2.3 percent in 2017, and inflation is expected to ease to under 3 percent from around 5.2 percent in 2017

The Somali authorities and the IMF reach a staff-level agreement on a new 12-month Staff-Monitored Program (SMP) covering the period May 2018-April 2019 (SMP III). The IMF supports the authorities’ initiative to reach out to donors to mobilize the needed support and funding to launch a new national currency. IMF…

Source: International Monetary Fund (IMF) |

International Monetary Fund Managing Director Christine Lagarde Meets Somali Prime Minister Hassan Ali Khayre

Somalia’s debt relief is a priority for the IMF and every effort is being made to accelerate the process within established procedures

International Monetary Fund (IMF) Managing Director Christine Lagarde met with Somali Prime Minister Hassan Ali Khayre on January 23 on the margins of the World Economic Forum in Davos. The underlying economic conditions in Somalia remain difficult, but the authorities are making strong efforts to rebuild their country. Somalia’s debt…

Source: International Monetary Fund (IMF) |

IMF Management Completes the Second Review under the Staff–Monitored Program for Somalia and IMF Managing Director Approves a New Staff–Monitored Program

In view of the major challenges Somalia faces, the authorities requested a new 12-month SMP covering the period May 2017–April 2018, which the Managing Director of the IMF has now approved

IMF staff welcomes the authorities’ continued commitments to policy and reform implementation despite daunting challenges, including a humanitarian crisis. IMF staff encourages the authorities to avoid new domestic arrears and to implement the reform measures envisaged under the Staff–Monitored Program. IMF staff welcomes the authorities’ continued progress on currency reform…

Source: International Monetary Fund (IMF) |

IMF Reaches Staff-Level Agreement on a Second Staff-Monitored Program with Somalia

For 2017, as the drought is expected to continue, growth is projected to decelerate to about 2.0 percent, and inflation to increase to above 3 percent

IMF staff welcomes the authorities’ continued commitments to policy and reform implementation despite daunting challenges The Somali authorities and the IMF reach a staff-level agreement on the completion of the second and final review of the Staff-Monitored Program (SMP) and on a second SMP The IMF welcomes the authorities’ continued…

Source: International Monetary Fund (IMF) |

IMF Executive Board Concludes 2016 Article IV Consultation with Somalia and Somalia Completes the First Review under the Staff–Monitored Program

Over the past five years, Somalia has marked important milestones in rebuilding its economy and normalizing relations with international financial institutions

On February 3, 2017, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Somalia. Over the past five years, Somalia has marked important milestones in rebuilding its economy and normalizing relations with international financial institutions. In 2012, Somalia emerged from nearly two decades of…

Source: International Monetary Fund (IMF) |

Statement by the IMF Mission on Somalia

During the visit, the team met with Finance Minister Mohamed Adan Ibrahim; the Minister of Planning and International Cooperation Abdirahman Yusuf Hussein Aynte, Central Bank Governor Bashir Issa Ali, Director General at the Office of the President Ali Omar, and other officials

An International Monetary Fund (IMF) team led by Mohamad Elhage visited Nairobi from November 14–21 to hold discussions with the Somali authorities on the 2016 Article IV Consultation and the first review of the Staff-Monitored Program (SMP). Discussions covered recent economic developments for Somalia including: the near-and medium-term outlook, economic…

Source: International Monetary Fund (IMF) |

Somalia - Statement by an IMF Mission on Somalia

An International Monetary Fund (IMF) mission led by Mohamad Elhage visited Nairobi from September 21–27 for a staff visit

An International Monetary Fund (IMF) mission led by Mohamad Elhage visited Nairobi from September 21–27 for a staff visit to discuss with the Somali authorities’ recent developments, progress under the Staff-Monitored Program (SMP), and Somalia’s economic outlook. At the end of the visit, Mr. Elhage issued the following statement: “Since…

Source: International Monetary Fund (IMF) |

IMF Managing Director Approves Staff-Monitored Program for Somalia

The Managing Director of the International Monetary Fund (IMF) approved on May 16, 2016 a Staff-Monitored Program (SMP) for the Federal Republic of Somalia, covering the period of May 2016–April 2017.[1] Somalia is recovering slowly from nearly 25 years of civil war. Weak institutional capacity, complex clan politics, and a…

Source: International Monetary Fund (IMF) |

IMF Staff Reaches Staff-Level Agreement on a Staff-Monitored Program with Somalia, Marking Milestone in Normalizing Relations with IFIs

An International Monetary Fund (IMF) mission led by Rogerio Zandamela visited Nairobi from March 30 to April 5, 2016 to discuss a Staff-Monitored Program (SMP) with the Somali authorities. At the end of the visit, Mr. Zandamela issued the following statement: “Since 2012, the Federal Government of Somalia has embarked…