Regulatory Alerts2024-12-21
Somalia’s Post-HIPC Priorities: Economic Prospects and Debt Sustainability
The Central Bank of Somalia issued this June 2024 policy brief to outline the nation’s post-HIPC priorities following its December 2023 completion point, which reduced external debt from 64 percent of GDP to under six percent. The document requires the Federal Government and financial institutions to sustain fiscal and monetary reforms, strengthen domestic revenue mobilization, and exercise cautious external borrowing to prevent relapse into debt distress. It further directs stakeholders to prioritize governance improvements, economic diversification, and targeted financial sector modernization to secure long-term debt sustainability and inclusive growth.
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