[{"bbox": [83, 105, 1145, 159], "category": "Text", "text": "and state building goals by enhancing the legitimacy of the formal state apparatus and reducing the attractiveness of alternative governance ideologies offered by violent, extremist groups such as Al Shabaab."}, {"bbox": [83, 171, 1145, 251], "category": "Text", "text": "Supporting accountable governance will also contribute to the other objectives of this action by contributing to strengthening FGS's adherence to prudent fiscal management practices, which in turn is essential to maintain macroeconomic stability, attract private investment and drive economic growth."}, {"bbox": [83, 264, 1145, 319], "category": "Section-header", "text": "**Identification of main stakeholders and corresponding institutional and/or organisational issues (mandates, potential roles, and capacities) to be covered by the action:**"}, {"bbox": [83, 319, 1145, 423], "category": "List-item", "text": "* Federal Office of the Auditor General (OAG) and state-level auditors' offices. Whilst the federal framework governing the audit function in Somalia is yet to be fully defined, there is ongoing technical collaboration across the FGS-FMS levels. Further coordination and harmonisation of audit practices and standards will be fostered by this intervention."}, {"bbox": [83, 427, 1145, 640], "category": "List-item", "text": "* The Financial Governance Committee (FGC) is a high-level advisory committee established in early 2014 by mutual agreement between the FGS, donors and IFIs. It comprises senior members of FGS and international representatives. It provides the FGS with a forum for dialogue and confidential advice on strategic and sensitive financial governance issues. The FGC is chaired by the Minister of Finance, and its membership consists of the Governor of the Central Bank of Somalia (CBS), representatives of the President and the Prime Minister, the Chair of the Budget and Finance Committee of the Lower House, the State Attorney General, and international representatives from the IMF, WB, African Development Bank and bilateral development partners (including the EU). Discussions are ongoing on whether the scope of the FGC could be extended to include FMS membership."}, {"bbox": [83, 641, 1145, 722], "category": "List-item", "text": "* IFIs – this Action proposes to consolidate the EU's engagement in-country with the IMF, WB and IFC by contributing to respective dedicated Somalia Trust Funds, thus enabling a coherent multi-donor approach to tackle Somalia's critical financial and economic governance challenges."}, {"bbox": [83, 722, 1145, 775], "category": "List-item", "text": "* Local CSOs engaged in fiscal and financial oversight and advocacy for greater government accountability on fiscal and financial governance issues."}, {"bbox": [83, 776, 1145, 829], "category": "List-item", "text": "* Office of Prime Minister, Ministry of Commerce and Industry (MOCI), Ministry of Planning and Economic Development (MoPIED), Ministries of Finance, Trade and Investments in Somaliland and federal member states"}, {"bbox": [83, 831, 796, 858], "category": "List-item", "text": "* Central Bank of Somalia, Somaliland Electricity Commission, SomInvest"}, {"bbox": [83, 860, 632, 885], "category": "List-item", "text": "* Somali commercial banks and microfinance institutions"}, {"bbox": [83, 888, 1145, 941], "category": "List-item", "text": "* Private Sector Organizations (PSOs), including the network of Chambers, sector organizations, cooperatives, women in business organizations, foreign PSOs."}, {"bbox": [83, 942, 937, 969], "category": "List-item", "text": "* Private sector, including energy firms, telecoms, business development services, MSMEs"}, {"bbox": [83, 970, 498, 997], "category": "List-item", "text": "* Development Finance Institutions (DFIs)"}, {"bbox": [83, 999, 1145, 1052], "category": "List-item", "text": "* Relevant UN agencies and like-minded donors engaged in these policy areas (notably Denmark, Germany, Sweden, UK, US, Norway)"}, {"bbox": [72, 1079, 579, 1113], "category": "Section-header", "text": "## 3. DESCRIPTION OF THE ACTION"}, {"bbox": [87, 1142, 494, 1174], "category": "Section-header", "text": "### 3.1. Objectives and Expected Outputs"}, {"bbox": [83, 1186, 976, 1213], "category": "Text", "text": "In broad terms, the action will seek to foster sustainable green economic development in Somalia."}, {"bbox": [83, 1225, 1071, 1252], "category": "Text", "text": "Two interrelated specific objectives (Outcomes) are expected to contribute to this overall objective, namely:"}, {"bbox": [83, 1263, 1134, 1318], "category": "Text", "text": "**SO1.** Accelerated reforms to strengthen financial governance in Somalia, including the countering of corruption, in line with requirements of the HIPC initiative"}, {"bbox": [83, 1329, 1107, 1383], "category": "Text", "text": "**SO2.** Improved investment climate and inclusive business environment in Somalia, particularly in the green and digital sectors"}, {"bbox": [83, 1395, 588, 1422], "category": "Text", "text": "The Action's expected results (Outputs) are as follows:"}, {"bbox": [83, 1434, 1033, 1487], "category": "Text", "text": "1.1. Increased capacities of the Office of the Auditor General (OAG) and continuation of the Financial Governance Committee (FGC)"}, {"bbox": [83, 1500, 1136, 1554], "category": "Text", "text": "1.2. Greater capability fostered in Somalia's core economic and fiscal institutions (especially in the areas of macro-fiscal policy, PFM, DRM, Central Banking operations, AML/CFT)"}, {"bbox": [83, 1566, 957, 1593], "category": "Text", "text": "1.3. Increased opportunities for citizen's scrutiny of fiscal and financial affairs of public interest"}, {"bbox": [1051, 1663, 1156, 1687], "category": "Page-footer", "text": "Page 6 of 21"}]