Somalia Economic Update, October 2015 : Transition Amid Risks with a Special Focus on Intergovernmental Fiscal Relations

Somalis face a daunting development challenge to overcome the legacy of two decades of sustained conflict and fragility, but substantial progress is now being made. Since 1991 and the collapse of the Siad Barre regime, Somalia has experienced cycle...

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Bibliographic Details
Main Author:	World Bank Group
Format:	Report
Language:	English en_US
Published:	World Bank, Nairobi, Kenya 2015
Subjects:	GOVERNMENT ENTITIES FINANCIAL SERVICES REGULATORY FRAMEWORK BUDGET MANAGEMENT GOVERNMENT EXPENDITURES INTERGOVERNMENTAL FISCAL SYSTEM SOCIALISM NATIONAL ACCOUNTS PUBLIC PROCUREMENT CONSTITUTIONAL DESIGN FINANCIAL SECTORS FINANCIAL MANAGEMENT FINANCING FISCAL STRESS STATE COLLAPSE STATE ADMINISTRATION CONSTITUTIONAL ARRANGEMENTS DECISION-MAKING PROCESS PUBLIC SECTOR GOVERNMENT FINANCIAL ASSISTANCE FISCAL EQUALIZATION NATIONS ADMINISTRATIVE REGIONS GOVERNMENT REVENUES RESPONSIBILITY LOCAL GOVERNMENTS POLITICIANS FINANCIAL RESOURCES BUDGET REVENUES ACCOUNTABILITY MECHANISMS FISCAL POLICY CONFEDERATION TAX AUTHORITY TAX ADMINISTRATIONS AUTHORITIES ASSET MANAGEMENT CORRUPTION NATIONAL LEVEL INDEPENDENCE OVERSIGHT MINISTERS FISCAL CAPACITY LACK OF CREDIT BUDGET EXPENDITURES GOVERNMENT LEVEL STATES STATE INSTITUTIONS REVENUE CAPACITY EXECUTION AUTHORITY LEGISLATIVE ASSEMBLIES PUBLIC FUNDS EMBEZZLEMENT LEVELS OF GOVERNMENT DEMOCRACY MUNICIPAL GOVERNMENTS GOVERNMENT SYSTEMS MINISTRIES FINANCIAL INSTITUTIONS MEMBERS OF PARLIAMENT LOCAL GOVERNMENT LEGISLATION INSTITUTIONAL ARRANGEMENTS STATE INCOME PUBLIC FINANCE DICTATORSHIP EXPENDITURE MANAGEMENT GOVERNANCE INDICATORS BUDGET DEFICIT SOCIAL SECURITY REPRESENTATIVES GOVERNMENT RESOURCES SUBNATIONAL GOVERNMENT TAX REVENUES COUNCILS FINANCIAL HEALTH FINANCIAL SYSTEM UPPER HOUSE LEGAL FRAMEWORK SOCIAL REFORMS DOMESTIC TRADE BARRIERS TAX RECEIPTS PUBLIC INVESTMENT FEDERAL STATES GOVERNMENT SERVICES EXPENDITURE FISCAL REGULATORY FRAMEWORKS ACCOUNTABILITY TAX RATE MEMBER STATES COLONIES SOCIAL JUSTICE TRANSPARENCY CENTRAL BANK MANAGEMENT STATE GOVERNMENT PUBLIC EXPENDITURE LEGAL REFORM COMPROMISE ENACTMENT FOREIGN DIRECT INVESTMENT GOVERNMENT FINANCE SOCIAL POLICY INTERGOVERNMENTAL TRANSFER LACK OF ACCOUNTABILITY INTERGOVERNMENTAL TRANSFERS CENTRAL GOVERNMENT SOCIOECONOMIC DEVELOPMENT INTERGOVERNMENTAL SYSTEM FEDERATIONS VETO GOVERNMENT REVENUE GOVERNMENT LEVELS DECISION-MAKING DECISION MAKING PRESIDENTIAL ELECTIONS SENATE INSTITUTIONAL CAPACITY FEDERAL GOVERNMENT PUBLIC INSTITUTIONS FOREIGN EXCHANGE REPRESENTATION STATE AUTONOMY REGULATION STATE BUDGET NATIONALS CONSTITUTIONS ASSASSINATION PUBLIC DEBT CITIZENS LOWER HOUSE ADMINISTRATION CONSTITUTION REVENUE COLLECTION GOVERNANCE INSTITUTIONAL REFORM PRIVATE SECTOR INVESTMENT ENFORCEMENT TAXATION SOCIAL SECTORS PRESIDENTS GOVERNMENT STATISTICS LEGAL DRAFTING CONSENSUS STATE CITIZENSHIP REGIONS FINANCIAL INTERMEDIATION PUBLIC PROCUREMENT SYSTEM REPUBLICS HUMAN RESOURCES MINISTRY OF FINANCE TAX SYSTEM FISCAL MANAGEMENT FISCAL REFORM FEDERATION FISCAL SITUATION JUDICIARY TAX ADMINISTRATION DECENTRALIZATION FEDERALISM GOVERNMENT STRUCTURES REHABILITATION LAW FINANCIAL SUPPORT TAX REFORM AUDIT LEGITIMACY BUDGETARY FUNDS FINANCIAL SECTOR GOVERNMENTS EXECUTIVE INSTITUTIONS LACK OF ACCOUNTABILITY MECHANISMS ELECTED REPRESENTATIVES FISCAL DECENTRALIZATION CONSTITUTIONAL COURTS DISTRICTS INTERGOVERNMENTAL FISCAL RELATIONS FOREIGN ASSISTANCE COUNCIL OF MINISTERS SOCIAL TRUST
Online Access:	http://documents.worldbank.org/curated/en/2015/11/25468667/somalia-economic-update-transition-amid-risks-special-focus-intergovernmental-fiscal-relations http://hdl.handle.net/10986/23240

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Summary:	Somalis face a daunting development challenge to overcome the legacy of two decades of sustained conflict and fragility, but substantial progress is now being made. Since 1991 and the collapse of the Siad Barre regime, Somalia has experienced cycles of conflict and fragility that fragmented the country, undermined legitimate institutions, and created widespread vulnerability. The new government that emerged following the Transitional Federal Government and the Roadmap to End the Transition in 2012 inherited a dysfunctional economy facing high levels of poverty and inequality, a youth bulge, high unemployment, and large infrastructure gaps. Against a backdrop of political progress marked by the emergence of new Federal Member States (FMSs) within the new constitutional framework and continued insecurity, the Federal Government of Somalia (FGS) has embarked on a process of structural, legislative, and institutional reform. The economy is starting to respond: Somalis are returning from abroad to invest, shops are opening, and the property market is booming. This is the first economic update for Somalia since the 2005 World Bank country economic memorandum for Somalia. The long conflict made monitoring of economic and social data nearly impossible since the late 1980s. With the relative stability of the past few years, new data have become available. The update is divided into two parts. Part one presents information on the social, economic, and governance status of Somalia. Part two focuses on intergovernmental fiscal relations.

Somalia Economic Update, October 2015 : Transition Amid Risks with a Special Focus on Intergovernmental Fiscal Relations

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