Somalia:2022 Article IV Consultation and Fourth Review under the Extended Credit Facility-Press Release; and Staff Report

Author: International Monetary Fund. Middle East and Central Asia Dept.

Somalia: 2022 Article IV Consultation and Fourth Review under the Extended Credit Facility-Press Release; and Staff Report

Volume/Issue: Volume 2022 Issue 375

Publication date: December 2022

ISBN: 9798400227783

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Topics covered in this book

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Exports and Imports , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , Environmental Economics , draft budget , budget grant , staff appraisal , Somali authorities , budget remains , Budget planning and preparation , Global , Middle East and Central Asia , Africa

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Summary

Somalia is facing a severe drought and acute food insecurity, aggravated by higher global food and fuel prices. Sustained efforts from the authorities and support from international partners are needed for immediate humanitarian assistance and to build resilience over time to climate shocks. Notwithstanding the current challenges, including a fragile security situation, the authorities continue to deliver on their commitments under the IMF supported program and have maintained the reform momentum. Program and Article IV discussions were informed by the Country Engagement Strategy.