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Extended Credit (ECF) and Fund Facility (EFF)

The Executive Board of the International Monetary Fund (IMF) approved three-year arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) for Somalia in the amount of SDR 292.4 million (about US$395.5 million or around 179 percent of quota) (March 25, 2020). The three-year financing package will support the implementation of the authorities’ National Development Plan and anchor reforms between the HIPC Decision and Completion Points. Reforms will focus on a continued strengthening of public finances to meet Somalia’s development needs in a sustainable manne

DRM/PFM Capacity Strengthening project (WB)

The Domestic Revenue Mobilization and Public Financial Management (DRM/PFM) Capacity Strengthening project aims at strengthening systems of DRM/PFM domestic revenue mobilization, expenditure control, and accountability in the FGS, PSS, and Somaliland. The closing date of the original project has been extended by two years - from June 30, 2020, to June 30, 2022 - to allow for the successful implementation of the project’s original and new activities.

FGC Press Release –1st November 2021

Publication Category:

114

Financial Governance Reports

Publication Type:

Report

Publication Topic/Subject:

OTHER REPORTS

Publication Corporate Author:

Financial Governance Committee

Release Date:

Monday, November 1, 2021

Financial Governance Report 2021

Somalia Enhancing Public Resource Management Project

The development objective of the Enhancing Public Resource Management Project for Somalia is to strengthen accountability, transparency, and institutional capacity in public resource management, across participating entities. The project comprises of five components. The first component, public financial management (PFM) objective is to strengthen budget preparation, execution, and oversight for Federal Government of Somalia (FGS), Federal Member States (FMSs), and Somaliland (SL).

PFM Reforms

The Federal Government of Somalia has pledged its support to increase revenue, strengthen expenditure management, improve the intergovernmental fiscal framework and strengthen relationships with external development partners. To this end, the Ministry of Finance has developed a public financial management (PFM) reform action plan for the period 2021-2024. This plan sets out the critical reforms needed to put in place robust PFM practices. In developing the plan the Ministry of Finance has ensured the involvement of all relevant departments and development partners.

Debt Management Department

Strategic Objective
To support the Federal Government of Somalia by collecting, recording, managing and reconciling of domestic arrears and external debt; and preparations and readiness for re-engagement with the international financial institutions (IFIs) through the processes of IFI arrears clearance, re-accessing IFI financing, and HIPC debt relief. 

dmu

President signs appropriation act into law

Event Date

Friday, December 31, 2021

Event Type

Budget Preparation

Event Presenter

Ministry of Finance

Event Description

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