IMF’s Trust Fund to improve Somalia’s data systems, macroeconomic institutions

The International Monetary Fund (IMF) has launched a multi-donor trust fund to deliver capacity development in Somalia.

The Somalia Trust Fund aims at improving macroeconomic institutions, policies, and data systems and will provide over nine million dollars’ worth of technical assistance and training to Somalia over the next three years.

So far, commitments have been received from the Arab Fund for Economic and Social Development ($3 million), the Canadian Department for Foreign Affairs, Trade and Development ($2.5 million), and the United Kingdom’s Department for International Development ($1.1 million). The IMF is continuing its efforts to secure additional contributions to fully finance the Trust Fund’s budget.

The inaugural meeting of the Steering Committee, the Trust Fund’s governing body on February 5, 2015 endorsed the work plans in three areas of the IMF’s expertise: fiscal operations, central banking, and statistical systems. Capacity development in these areas will be provided by the IMF’s Fiscal Affairs Department, Monetary and Capital Markets Department, and Statistics Department. The IMF’s Legal Department will produce additional work plans on anti-money laundering and fiscal legislation over the coming year, according to IMF.

The Steering Committee comprises representatives of the Federal Government of Somalia, the IMF, and donors to the Trust Fund. Representatives of the European Union and Turkey also attended the inaugural meeting as observers. The Steering Committee endorsed the selection of Canada as the Chair for 2015.