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Publish FGS Quarterly Financial Report (Quarter 3)

Event Date

Monday, November 15, 2021

Event Type

Budget Execution

Event Presenter

Ministry of Finance

Event Description

Submit Annual Financial Statement to the Auditor General

Event Date

Saturday, April 30, 2022

Event Type

Budget Execution

Event Presenter

Ministry of Finance

Event Description

Somalia Crisis Recovery Project (WB)

The Somalia Crisis Recovery Project (SCRP), is a flood and disaster recovery, and reconstruction project financed by the World Bank via the Federal Ministry of Finance (MOF). Total Amount of the project is USD 187.5 M.  It builds on responding the large number of recovery and resilience needs identified during FINA/DINA assessments and the subsequent National Recovery and Resilience Framework RRF. The project is aligned with the existing national policies such as NDP-9 and more specifically to the Recovery and Resilience Framework (RRF).

Recurrent Cost and Reform Financing (RCRF)

The Recurrent Cost and Reform Financing (RCRF) project is a national program which supports the FGS and, through intergovernmental transfers, all FMS. It does not include Somaliland for now. The first phase of RCRF is closed. Phase II of the project (RCRF II) was restructured and scaled up with additional financing in 2018. RCRF III, approved as an IDA-only grant of US$68 million and effective as of December 16, 2020, complements RCRF II with an enhanced focus on intergovernmental fiscal federalism, citizen engagement, and service delivery.

Extended Credit (ECF) and Fund Facility (EFF)

The Executive Board of the International Monetary Fund (IMF) approved three-year arrangements under the Extended Credit Facility (ECF) and the Extended Fund Facility (EFF) for Somalia in the amount of SDR 292.4 million (about US$395.5 million or around 179 percent of quota) (March 25, 2020). The three-year financing package will support the implementation of the authorities’ National Development Plan and anchor reforms between the HIPC Decision and Completion Points. Reforms will focus on a continued strengthening of public finances to meet Somalia’s development needs in a sustainable manne

DRM/PFM Capacity Strengthening project (WB)

The Domestic Revenue Mobilization and Public Financial Management (DRM/PFM) Capacity Strengthening project aims at strengthening systems of DRM/PFM domestic revenue mobilization, expenditure control, and accountability in the FGS, PSS, and Somaliland. The closing date of the original project has been extended by two years - from June 30, 2020, to June 30, 2022 - to allow for the successful implementation of the project’s original and new activities.

FGC Press Release –1st November 2021

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