Somalia: Liquidation and Termination of the Administered Account for Somalia

21 July 2025
International Monetary Fund (Washington, DC)
document

On July 10, 2025, the IMF Executive Board approved the termination of the Administered Account for Somalia ("Somalia Administered Account" or SAA), effective August 1, 2025. The SAA was established by the Executive Board on December 18, 2019, to facilitate fundraising for, and delivery of, debt relief to Somalia with respect to obligations owed to the Fund.

As stipulated in the SAA Instrument, the SAA shall remain in effect for as long as necessary, in the judgment of the Fund, to conduct and wind up the business of the account. Following Somalia's successful achievement of the HIPC completion point in December 2023 and the full delivery of debt relief under the HIPC Initiative and beyond-HIPC, the SAA has fulfilled its purpose and may now be liquidated and terminated.

The Instrument also provides that the remaining balance in the SAA shall be transferred to the PRG-HIPC Trust or returned to Contributors that request a refund of their pro-rata share or any portion of such share. The SAA was financed by 102 member countries and the European Commission (EC) which provided a top up to be used in case any residual financing gap arose.

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