Somalia: Staff Report for the Sixth Review Under the Extended Credit Facility (ECF) Arrangement and Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Somali

Staff Report for the Sixth Review Under the Extended Credit Facility (ECF) Arrangement and Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia

Somalia: Staff Report for the Sixth Review Under the Extended Credit Facility (ECF) Arrangement and Request for a Three-Year Arrangement Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia
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Volume/Issue: Volume 2023 Issue 438
Publication date: December 2023
ISBN: 9798400261299
$20.00
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Exports and Imports , Money and Monetary Policy , Public Finance , International - Economics , Environmental Economics , Somali authorities , ECF arrangement , HIPC Completion Point , government institution , ECF program , Debt relief , Debt service , Global

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Summary

Economic activity is recovering as rains resumed in 2023, and the authorities continue to advance their efforts to rebuild the economy and institutions. However, despite significant progress achieved, Somalia remains fragile, facing challenges from climate shocks, an unsettled security situation as the government advances against Al-Shabab amid the withdrawal of the African Union Transition Mission, and lack of political consensus among all Federal Member States that affects advancement of the federalism agenda.