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Middle East and Central Asia > Somalia

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Cover Technical Assistance Reports
Somalia: Technical Assistance Report-Prudential Classification and Provisioning of Credit Operations
International Monetary Fund. Monetary and Capital Markets Department
The Technical Assistance (TA) assisted Somalia in reviewing its prudential regulation on classification and provisioning of credit operations aiming at aligning it with international standards and benchmarks and delivered a dedicated training on credit risk. This mission is part of a broad initiative to help the Central Bank of Somalia (CBS) improve the quality of data submitted by commercial banks, according to an action plan approved in July 2024. The effort covers reviewing prudential regulations, training supervisors, and updating data requirement templates. The prudential supervision framework under review includes capital requirements, liquidity requirements, related party transactions and assets classification and provisions. While capital and liquidity were addressed in earlier TAs, the current focus is on asset classification, provisioning, and broader credit risk issues.
Keywords:
credit risk; credit operations; provisioning; asset classification; risk management; credit risk category; past-due; non-performing; forbearance; large exposures; sanctions and penalties.; IMF publication; credit risk management; Monetary and Capital Markets department; technical assistance provider; Cbs's Licensing and Supervision Department; Credit; Financial sector stability; Financial Sector Stability Review; Bank supervision
Cover Policy Papers
2026 Update of Resource Adequacy of the Poverty Reduction and Growth Trust, Resilience and Sustainability Trust, and Debt Relief Trusts
International Monetary Fund. Finance Dept.
This paper provides an update of the resource adequacy of the Fund’s concessional financing trusts. Poverty Reduction and Growth Trust (PRGT) finances remain adequate, broadly in line with expectations at the completion of the 2024 PRGT Facilities and Financing Review and the 2025 adequacy update. The lending outlook is largely unchanged, with projected additional demand in 2026-27 expected to offset lower-than-anticipated new loan commitments in 2025. While progress has been made in securing assurances from members under the framework to distribute GRA resources to facilitate the generation of additional PRGT subsidy resources, broader support is essential to reach the 90-percent threshold. On the Resilience and Sustainability Trust (RST), based on updated projections, there are sufficient resources to meet the demand pipeline at least through 2028. The RST’s reserves remain adequate and the interest rate cap for Group A countries remains appropriate, though risks have increased. The Catastrophe Containment and Relief Trust (CCRT) remains underfunded and its next comprehensive review provides an opportunity to address its financing challenges. The Heavily Indebted Poor Countries (HIPC) initiative is nearly complete, although Sudan’s progress towards the Completion Point continues to be delayed. Staff assesses that risks to the finances of the PRGT and RST are appropriately mitigated. Based on its assessment of the trusts, and pending the outcome of the planned CCRT Review and amid ongoing efforts to secure PRGT assurances, staff does not propose any adjustments or policy changes pertaining to the Fund’s concessional financing trusts.
Keywords:
Poverty Reduction and Growth Trust (PRGT); Resilience and Sustainability Trust (RST); Catastrophe Containment and Relief Trust (CCRT); Heavily Indebted Poor Countries (HIPC); Resource adequacy; Concessional financing; Fundraising; PRGT Review; PRGT lending; RST lending; Credit risk; Debt relief; Subsidy resources; Low-income countries; PRGT subsidy assurances; GRA distribution framework; Interim Placement Administered Account (IPAA); Self-sustained annual lending capacity; Resilience and Sustainability Facility (RSF); Rst resource; Prgt assurance; Prgt finances; Prgt credit risk; IMF staff; Sovereign debt restructuring; Credit; Debt service; Loans; Global; Middle East; Central Asia
Cover IMF Staff Country Reports
Somalia: Fourth Review Under the Extended Credit Facility Arrangement and Request for Augmentation of Access-Press Release; Staff Report; and Statement by the Executive Director for Somalia
International Monetary Fund. Middle East and Central Asia Dept.
This paper presents Somalia’s Fourth Review under the Extended Credit Facility Arrangement and Request for Augmentation of Access. Somalia has maintained strong program performance despite significant global headwinds, notably the persistent and sharp declines in foreign aid. For the first time, Somalia plans to expand social spending using domestic resources to mitigate the negative social impact of foreign aid cuts. Fiscal performance in 2025 remains strong, supported by resilient domestic revenue collection, disciplined spending, and commendable progress in key reforms. The Cabinet approved 2026 budget aligns with program objectives, envisaging continued domestic revenue mobilization and expenditure restraint while safeguarding priority spending. Key near-term risks emanate from further foreign aid cuts, domestic security and political tensions, climate shocks, lower global growth and heightened global trade uncertainties. The authorities are firmly committed to accelerating domestic revenue mobilization, strengthening public financial management, promoting financial deepening and inclusion, improving governance, and enhancing statistics. Continued donor assistance is essential to support the authorities’ policy efforts. .
Keywords:
Somali authorities; Ecf arrangement; reform strategy; interest rate; IMF staff; reform agenda; Debt relief; Public and publicly-guaranteed external debt; Global
Cover Regional Economic Outlook: Middle East and Central Asia, October 2025
Regional Economic Outlook: Middle East and Central Asia, October 2025
Resilience amid Uncertainty: Will it Last?
International Monetary Fund. Middle East and Central Asia Dept.

Abstract

Economic performance in the Middle East and Central Asia has shown resilience so far in 2025, despite still-elevated global uncertainty and continued regional geopolitical tensions. Growth in Middle East and North Africa is projected to strengthen gradually, supported by oil output, strong demand, and reforms, while growth in the Caucasus and Central Asia is expected to slow to a more sustainable pace. But risks loom: weaker global demand, tighter financial conditions, renewed geopolitical instability, and climate shocks could all weigh on the outlook. This makes fiscal prudence, structural reforms, and stronger policy frameworks essential to sustaining durable growth. The REO also explores post-conflict economic recovery, showing that lasting peace requires swift macroeconomic stability, adequate financing, and stronger institutions to rebuild state capacity.

Keywords:
Middle East economic forecast; Central Asia growth outlook; MENA GDP projection 2025; regional economic outlook report; structural reforms Middle East; macro risks Central Asia; IMF REO Middle East; CCA economy; IMF staff calculation; oil exporter; MENAP region; CCA region; Oil exports; Inflation; Emerging and frontier financial markets; Exchange rate arrangements; Central Asia and the Caucasus; North Africa; Middle East; Global; East Africa
Publication Date:
21 Oct 2025
Cover International Monetary Fund Annual Report 2025 Financial Statements
International Monetary Fund Annual Report 2025 Financial Statements
International Monetary Fund. Secretary's Department

Abstract

The audited financial statements that follow form Appendix VI of the International Monetary Fund’s Annual Report 2025 and can be found, together with Appendixes I through V and other materials, on the Annual Report 2025 web page (www.imf.org/AR2025). They have been reproduced separately here as a convenience for readers. Quarterly updates of the IMF’s Finances are available at www.imf.org/external/pubs/ft/quart/index.htm.

Keywords:
fair value; valuation basket; unit of account; deposit account; basket currency; IMF's article; SDR position; Financial statements; Credit risk; Loans; Income; Credit; Global; Europe
Publication Date:
13 Oct 2025
Cover IMF Staff Country Reports
Somalia: Third Review Under the Extended Credit Facility and Request for a Modification of Quantitative Performance Criterion-Press Release; Staff Report; and Statement by the Executive Director for Somalia
International Monetary Fund. Middle East and Central Asia Dept.
Economic growth in 2024 was supported by robust agricultural and livestock output. The outlook, however, is shadowed by foreign aid cuts and high global uncertainty, which exacerbate challenges from domestic security, climate shocks, and regional tensions.
Keywords:
Somali authorities; policy priority; Policy discussion; IMF's transparency policy; ECF arrangement; Debt relief; Global
Cover Policy Papers
The 4th Financing for Development Conference-Contribution of the IMF to the International Financing for Development Agenda
International Monetary Fund. Strategy, Policy, & Review Department
The series of major economic shocks since 2020 has added to longstanding development challenges, with low-income and fragile countries affected the most. The negative economic impact of the COVID-19 pandemic, the spillovers from the war in Ukraine, and the tightening of international financial conditions after 2022 have added to preexisting structural obstacles weighing on economic and social progress in developing countries. While some of these factors have subsided since 2023, the escalation of trade tensions at the beginning of 2025, and the resulting impact on global growth and international financial conditions, including elevated uncertainty and significant downside risks weighing on the outlook, have again negative implications for most developing countries. In addition, natural disasters, climate and demographic challenges, geopolitical tensions, political instability, and conflicts, can be expected to add further to the challenges, even though some developments, including artificial intelligence and digitalization, may be beneficial. That said, while developing countries share many characteristics, increasing heterogeneity in their economic conditions and exposures to risks calls for appropriate differentiation in countries’ policy and reform agendas, as well as in the support from the international community. Particular attention must be paid to the situation of the poorest and fragile countries.
Keywords:
addressing debt vulnerability; debt challenge; debt restructuring process; IMF-World Bank LIC-DSF; IMF CD delivery; Sustainable Development Goals (SDG); Anti-money laundering and combating the financing of terrorism (AML/CFT); Development assistance; Global; Sub-Saharan Africa
Cover Policy Papers
Somalia—Assessment Letter for the Central Bank of Somalia
International Monetary Fund. Middle East and Central Asia Dept.
This letter provides IMF staff’s assessment of macroeconomic policies in Somalia. It also discusses the authorities’ intention to reintroduce the Somali Shilling and implement a currency board arrangement, which the IMF will be supporting through extensive capacity development and the Extended Credit Facility arrangement. This assessment letter has been requested by the Central Bank of Somalia with the objective of sharing it with international partners to explain the currency reform and seek their support.
Keywords:
Somalia; currency board arrangement; currency exchange; assessment letter; extended credit facility; transparency policy; IMF CD support; ECF arrangement; currency exchange project; CBS capacity; ECF program; Currencies; Global
Cover IMF Staff Country Reports
Somalia: 2024 Article IV Consultation and Second Review Under the Extended Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Somalia
International Monetary Fund. Middle East and Central Asia Dept.
This paper highlights Somalia’s 2024 Article IV Consultation and Second Review under the Extended Credit Facility. Discussions focused on policies and reforms to increase resilience, reduce poverty, and promote inclusive growth, including through advancing the implementation of the national development plan and the forthcoming national transformation plan. Somalia’s program performance has been strong, demonstrating the authorities’ steadfast commitment to macroeconomic stability and strengthening institutional capacity and frameworks. Real gross domestic product growth projections for Somalia have been upgraded to 4 percent for 2024 and 2025 based on strong exports and remittances. However, risks remain elevated, including from regional and domestic security developments, commodity prices and climate shocks. Ongoing efforts to strengthen central bank institutional capacity are commendable. Sustained reform efforts are needed to set the conditions for greater resilience, poverty reduction, and inclusive growth. This includes strengthening tax capacity and public financial management, promoting financial deepening, and improving governance.
Keywords:
Somali authorities; U.S. dollar banknote; IMF CD support; capacity development support; payments system oversight; Debt relief; Anti-money laundering and combating the financing of terrorism (AML/CFT); Global; Middle East; North Africa; East Africa; Africa
Cover IMF Staff Country Reports
Somalia: Selected Issues
International Monetary Fund. Middle East and Central Asia Dept.
This Selected Issues the state of educational attainment in Somalia and explores the potential growth dividends from increasing access to education and closing gender gaps in education. Somalia experienced significant loss in human capital over two decades of civil strife. Education outcomes in Somalia are among of the lowest in the world, and even worse for women. It will be important that Somalia sets strong foundations for building its education system and expanding access to education, while mobilizing the resources to do so, with continued support from international partners. The paper recommends that Somali authorities gradually increase education spending, by mobilizing both domestic and external resources. Model estimates show that increasing education access to the level of Low Human Development countries and closing gender gaps could raise real gross domestic product by close to 40 percent over the next 25 years. Given extremely limited resources and capacity, Somalia will need to carefully prioritize policies that can deliver near-term wins as it gradually develops its public education system. Improving access and quality of education will require greater resources, supported by additional domestic revenues and sustained support from development partners.
Keywords:
satellite imagery data; EAC accession; sensor data; Somalia's integration; partner States; D. policy priority; satellite data; Pensions; Civil service; Gender inequality; Customs unions; Global; Sub-Saharan Africa; East Africa; Africa