Somalia’s Fiscal Journey to Debt Relief

Рет қаралды 1,545

Ай бұрын

Somalia has been rebuilding since 2012, following more than 2 decades of devastating conflict. The Heavily Indebted Poor Countries (HIPC) framework provided a path for Somalia to bring external debt to sustainable levels and access new external financing to support economic and social development. As part of the HIPC process and IMF engagement, the authorities advanced substantive public financial management reforms to strengthen government spending capacity and accountability. Since 2013, the Federal Government of Somalia has created efficient and transparent public financial management institutions, showcasing significant achievements such as credible budget preparation, strong internal controls, automated payment processes, and the Invoice Tracking System, all facilitated through the Somalia Financial Management Information System. This talk explores Somalia's remarkable fiscal journey to debt relief-from establishing the basics of cash and manual transactions to building comprehensive legal and institutional frameworks and the ongoing shift towards digital transformation and the exploration of AI.

Пікірлер: 8

@hatimabu6291 Ай бұрын

Great Job Somali , keep it up Greeting from Saudi Arabia I wish you and your people all the best and prosperity

@mapleleafkay9824 Ай бұрын

Awesome! Hope to see more progress in the future! Great job Somalia!

@KS-qi5nz Ай бұрын

IMF has done a great job to help Somalia get back on its feet. Amazing

@joakimgp9837 Ай бұрын

This is a very doubtful presentation. Having studied the HIPC process in Somalia, I doubt the public spending on education and social development - from own revenue. Te revenue figures are often quite fabricated or manipulated. The key spending and implementation in health, education and social sectors are in reality donor funded aid figuring as public spending. The budgets and annual fiscal accounts are still untransparent, and mainly figure salary expenditure with hardly any action related expenditures and implementation. It is still unclear what the government actually does, what does it actually implement - apart from hard security expenses. I look forward to see an account that shows what the governmental public sector actually implements.