Somalia: Enhanced Heavily Indebted Poor Countries Initiative-Completion Point Document

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

Volume/Issue: Volume 2023 Issue 424

Publication date: December 2023

ISBN: 9798400262180

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Topics covered in this book

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Exports and Imports , Money and Monetary Policy , Public Finance , International - Economics , Public Policy - Social Services and Welfare , HIPC debt relief , MDRI debt relief , reform journey , Somali authorities , IDA portfolio , IMF press release No , 23/437 , Somalia's debt relief process , reconciliation exercise , Debt relief , Debt service , Arrears , Debt service ratios , Global , Middle East and Central Asia , Southern Africa , East Africa

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Summary

Somalia has been rebuilding state institutions and the economy since the end of the devastating civil war, with strong support from the international community. The civil war led to complete state collapse, with tremendous loss of human and physical capital. Since the 2012 Provisional Constitution that created the Federal Government of Somalia (FGS) and the Federal Member States (FMS), Somalia has successfully undertaken three national elections, and Parliamentary and Presidential elections were completed in May 2022. With financial and capacity development support from international partners, Somalia has pursued wide-ranging reforms to help strengthen key economic and financial policy institutions as well as improve governance.