Project profile — IMF Somalia Country Fund Phase II



Overview 

CA-3-P008840001
$1,300,000
IMF – International Monetary Fund
2021-03-11 - 2023-03-31
Operational
Global Affairs Canada
WGM Africa

Country / region 

• Somalia (100.00%)

Sector 

• Public finance management:
Public finance management (15111) (33.00%)
Macroeconomic policy (15142) (34.00%)
Tax policy and administration support (15155) (33.00%)

Policy marker 

• Gender equality (significant objective)
• Environmental sustainability (cross-cutting) (not targeted)
• Participatory development and good governance (significant objective)
• Trade development (not targeted)
• Biodiversity (not targeted)
• Climate change mitigation (not targeted)
• Climate Change Adaptation (not targeted)
• Urban issues (not targeted)
• Desertification (not targeted)
• Children's issues (not targeted)
• Youth Issues (not targeted)
• Disaster Risk Reduction(DRR) (not targeted)
• Indigenous Issues (not targeted)
• Disability (not targeted)
• Nutrition (not targeted)
• ICT as a tool for development (not targeted)

Description 

This project aims to enhance Somalia’s capacity to implement sound macroeconomic policies, which in turn helps Somalia reach debt relief and finance its’ national development plan, laying the foundations for reduced poverty and inclusive development. This project builds on the gains achieved and lessons learned during Phase I of the Somalia Country Fund. This project provides capacity development to the federal Government of Somalia in five areas: (1) macroeconomic frameworks and policies; (2) central bank management and operations; (3) tax and customs policy modernization; (4) public financial management, including investment and debt management and gender-based budget analysis; and (5) production and dissemination of macroeconomic data, including sex-disaggregated data. This project works to deliver capacity development via a combination of virtual seminars, short-term expert visits, technical assistance missions, peer-to-peer learning, trainings in “third-country” locations, on-line webinars and courses, and mentorships.

Expected results 

The expected outcomes for this project include: (1) enhanced technical capacity of Somali officials; (2) strengthened key institutions; (3) enhanced macroeconomic, fiscal, and customs policies and processes; and (4) improved fiscal and macroeconomic decision-making based on national data.

Results achieved 

N/A

Budget and spending 


Original budget $500,000
Planned disbursement $0
Transactions
Transaction Date Type Value
12-10-2022 Disbursement $400,000
Country percentages by sector
Type of finance Aid grant excluding debt reorganisation
Collaboration type Bilateral
Type of aid Basket funds/pooled funding
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