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22 Sep 2023
IMF Staff Completes Staff-Level Agreement with Somalia on the Sixth Review under the Extended Credit Facility (ECF)
“Somalia has continued to make important progress in rebuilding its economy and institutions, but challenges remain significant. Notwithstanding the resumption of rainfall in 2023Q1, economic activity has been weighed down by the lingering effects of drought, recent floods, and subdued remittances. Food insecurity remains a concern and the security situation is challenging in some parts of the country. Near-term risks are elevated, including a worsening of food insecurity if healthy rainy seasons do not persist or if there is a global food shock.
