Somalia:First Review Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia
First Review Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia
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Volume/Issue:
Volume 2020
Issue 310
Publication date: November 2020
ISBN: 9781513562612
$20.00
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Topics covered in this book
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Exports and Imports , Money and Monetary Policy , Public Finance , International - Economics , ECF arrangement , Somali authorities , implementation of the Extended Credit Facility , executive board discussion , ECF-supported program , Debt relief , Budget planning and preparation , Global
Summary
Soon after reaching the HIPC Decision Point and embarking on a new IMFsupported program aimed at supporting the implementation of the authorities’ National Development Plan and lifting growth, Somalia was hit by a triple shock of flooding, desert locusts, and, importantly, the coronavirus pandemic. Prompt action by the authorities and support from the international community has helped mitigate the impact on peoples’ lives and livelihoods, however, these shocks have had a significant impact on economic activity, exports, and domestic fiscal revenues.
