AfDB Supports Somalia in its Economic and Governance Reforms with a Grant of U.S.$ 3.8 million

african.d.bankThe African Development Bank (AfDB) Board of Directors on 18 December 2013 in Tunis approved the Addendum to the Somalia Country Brief 2013-2015, granting Somalia exceptional eligibility to access Fragile States Facility (FSF) Supplemental Support (Pillar 1) and 50 percent of its African Development Fund (ADF) -12 Performance-Based Allocation (PBA) needed before the end of 2013.
Jointly with the Addendum, the Board also approved the utilization of the 50 percent ADF-12 PBA to finance the Somalia Economic and Governance Institutional Support Project amounting to US$ 3.8 million.
The approval followed Management's presentation of an Addendum to the Somalia Country Brief 2013-2015, outlining a series of progress made by Somalia over the past year in improving the country context, public finance management (PFM) and in initiating the reengagement process with the International Financial Institutions (IFIs).
Donor coordination efforts have also continued to be strengthened. The clear and well-argued Addendum warranted the exceptional Board approval to sustain the momentum being registered, despite the country's current arrears situation with the AfDB and several other IFIs.
The Addendum on the one hand provided the rationale for AfDB to use its convening power in a situation like that of Somalia and play a leadership role in stirring Somalia's reengagement into the international development community.
On the other hand, it presented strategic and proactive operational needs while making the exceptional request to the Board for resources which it hoped will permit Somalia to faceits unique challenges so as to sustain the outlined efforts to accelerate its reengagement process.
According to Solomane Koné, advisor to the Vice President in charge of Regional and Country Operations, Somalia was seeking the approval specifically, under ADF-12 Performance-Based Allocation (PBA), as well as supplementary support resources under ADF-13 Fragile State Facility Fund, since it was not allocated any funds for FSF pillar I under ADF -12, given the unfavorable country context that prevailed at the time.
"The resources will be used to finance the Bank's Economic and Financial Governance Institutional Support Project for Somalia. The support will contribute to building the capacity of the country to take ownership in the preparation, conclusion and implementation of an IMF Staff Monitored Programme (SMP) in Somalia," Koné said.
The SMP, Koné further noted "is crucial to build the track record necessary to accelerate the process of arrears clearance and reengagement with the IFIs." The human and institutional capacity gaps will continue to be a major challenge which will require a sustained long-term commitment from the international community to address in a comprehensive, effective and pragmatic manner, Koné concluded.

Allafrica

AKHRISO WARARKII KU DHAAFAY IYO WARARKA LA XIDHIIDHA WARKAN


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