Imf Staff Monitored Program Somalia
program somalia staff
On June 20 the management of the IMF completed the second and final review under the second 12-month Staff-Monitored Program SMP II with Somalia and the Managing Director of the IMF approved a third 12-month SMP SMP III covering the period May 2018April 2019. Following productive discussions the IMF team and the Somali authorities reached a staff-level agreement on the completion of the first review under the Staff-Monitored Program SMP.
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First Review Under the Staff-Monitored Program-Press Release.
Imf staff monitored program somalia. Authorities continued strong commitment to economic and financial reform is supporting satisfactory performance under SMP IV. IMF staff commends the authorities for implementing key reforms and for satisfactory performance under the fourth Staff-Monitored Program SMP. On February 5 2019 the Management of the IMF completed the first review under the third 12-month Staff-Monitored Program SMP III with Somalia which covers the period May 2018April 2019.
Middle East and Central Asia Dept. As a result social and economic conditions remain dire. The agreement is subject to approval by the IMF Managing Director who is expected to consider the Staff Report for the first review under the SMP in early 2019.
The IMF team and the Somali authorities also reached a staff-level agreement on a new three-year macroeconomic reform program that could be supported by the Extended Credit Facility ECF and Extended Fund Facility EFF. To help Somalias economic reconstruction efforts and establish a policy implementation track record as an important step toward an eventual fund arrangement the authorities have requested an IMF staff-monitored program. Prior to joining IMF Fowzia worked as project accountant at ADRA Somalia and successfully handled projects funded by various donors not limited to USAID EU DFID Swiss Solidarity.
IMF Executive Board Concludes 2017 Article IV Consultation with Somalia and Completion of the First Review under the Staff-Monitored Program SMP 1 On February 21 2018 the Executive Board of the International Monetary Fund IMF concluded the Article IV consultation with Somalia2. WASHINGTON 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 2016April 2017. Somali authorities and IMF staff reach a staff-level agreement on the completion of the first review of the fourth Staff-Monitored Program SMP IV.
An International Monetary Fund IMF staff team led by Allison Holland visited Addis Ababa Ethiopia from September 10 to 13 to meet with the Somali authorities and undertake the first review under the fourth successive Staff Monitored Program SMP covering May 2019 July 2020. IMF Management Completes the Second Review under the StaffMonitored Program for Somalia and IMF Managing Director Approves a New StaffMonitored Program. IMF staff welcomes the authorities continued commitments to policy and reform implementation despite daunting challenges including a humanitarian crisis.
On February 5 2019 the Management of the IMF completed the first review under the third 12-month Staff-Monitored Program SMP III 1 with Somalia which covers the period May 2018April 2019. She is the Trust Fund Manager of Somalia in the Res Rep Office based in Nairobi Kenya. November 18 2019.
Somalia is recovering slowly from nearly 25 years of civil war. An International Monetary Fund IMF staff team led by Allison Holland visited Addis Ababa Ethiopia from September 10 to 13 to meet with the Somali authorities and undertake the first review under the fourth successive Staff Monitored Program SMP covering May 2019 - July 2020. Maintaining strong performance and support from international partners will pave the way for Somalia to receive debt relief under the Heavily Indebted Poor Countries HIPC Initiative.
Background and context The program marks a step towards normalizing Somalias relations with international financial institutions which should eventually unlock the governments access to concessional financing. Fowzia Ibrahim joined the International Monetary Fund in November 15 2016. IMF Staff Completes Second Review under the Staff-Monitored Program for Somalia and Reaches Staff-Level Agreement on a New Three-Year Reform Program January 27 2020 End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country.
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