Grants and Contributions:

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Title:

IMF Somalia Country Fund Phase II

Agreement Number:

7428278 P008840001

Agreement Value:

$1,300,000.00

Agreement Date:

Mar 10, 2021 - Mar 31, 2023

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.

Organization:

Global Affairs Canada

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.

Location:

Washington, US

Reference Number:

064-2020-2021-Q4-00359

Agreement Type:

Grant

Report Type:

Grants and Contributions

Recipient Type:

Not-for-profit organization or charity

Recipient's Legal Name:

International Monetary Fund

Program:

International Development Assistance Program

Program Purpose:

The main purpose on the International Development Assistance Program is to reduce poverty for those living in countries where Global Affairs Canada engages in international development.