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Somalia - Strengthening Institutions for Economic Policy Management and Infrastructure Development Project (SIEPMID) -

18-Feb-2020

Since 2016, Somalia is implementing wide-ranging economic, social and political reforms, with support from the international development partners, including the Bank. The first two International Monetary Fund (IMF) Staff Monitored Programs (SMPs) performance was satisfactory. The country is now implementing its third SMP that runs until April 2019. An Upper Credit Tranche SMP is expected to lead to the Decision Point under the Highly Indebted Poor Countries (HIPC) Initiative, depending on the success of its implementation. The Bank is supporting the FGS in implementing the reform programs, thereby consolidating gains from previous and ongoing reforms to ensure sustainability through institutional capacity and skills development. The Bank is currently implementing the economic and financial governance projects, namely “Economic and Financial Institutional Support Project (EFGISP II) and the “Institutional Support to Financial Governance Project (ISFG). These projects focus on modernizing domestic revenue mobilization, public finance management (PFM) in the Ministry of Finance and line ministries level, and building debt management capacity. In addition, the Bank is providing funding to rebuild national statistical capacity both at federal and state levels through the “Somalia National Statistical Capacity Building Project”. The latter project is about to close and the government requested additional financing to expand the coverage to other states and support data collection activities under the Federal Government. In order for the States to consolidate and build a sustainable system to produce and disseminate timely and usable statistics, modest funds are needed to cover fieldwork activities and regular publication of monthly Consumer Price Index (CPI) and annual Gross Domestic Product (GDP).

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