Macroeconomic Expert -Central Bank of Somalia (Individual Consultant)

1.  Background: The Federal Republic of Somalia has received financing from the World Bank for the Somalia Capacity Advancement, Livelihood, and Entrepreneurship through Digital Uplift Program (SCALED-UP) projects. A portion of these funds is designated for the hiring of a Macroeconomic Expert for the Central Bank of Somalia. Implemented by the Federal Government of Somalia, this project aims to enhance access to digital financial services and government services, with a particular focus on entrepreneurship and employment opportunities for women.

The  premier  objective  of   the  Research        and           Statistics     Department   (RSD)  is         to            provide comprehensive and appropriate statistical and analytical work to support the Bank’s monetary,

financial and exchange rate policies. In that essence, the Department aims to undertake solid economic and financial analysis, forecasting and modelling to support the general economic policies of the government and the key objectives of CBS in relation to price and financial stability. This role is critical in shaping new CBS initiatives in achieving the new strategy and fulfil the mandate of economic advisor role to the Government and the general public.

2.   Responsibilities: The Macroeconomic Expert is tasked with supporting the Central Bank of Somalia (CBS) and its Research and Statistics Department (RSD) to enhance staff capacity in producing high-quality economic reports, conducting research, performing policy analysis, and undertaking economic modelling. The primary goal is to provide accurate medium- and long-term growth forecasts for the country using reliable macroeconomic data. This effort aligns with Article 5(a) of the Central Bank of Somalia Act, which mandates the CBS to formulate and implement monetary and exchange rate policies. The department seeks to ensure that policymaking is grounded in strong conceptual and empirical foundations, translating technical analysis into policy-relevant communication that is accessible to both policymakers and the general public. To achieve this, the Macroeconomic Expert will review the current practices in economic and policy analysis within the RSD and establish a comprehensive macroeconomic model to support forecasting activities. This includes building projection capabilities in key areas such as the Real Sector (inflation and GDP), External Sector (balance of payments and public debt), Government Fiscal Operations (revenue and expenditure forecasting), and the Financial Sector (asset growth projections and liquidity). The expert will also conduct capacity-building initiatives, providing hands-on training to staff in the divisions of Economic, Monetary, and Financial Analysis (EMFA) and Policy and Research Analysis (PRA) on macroeconomic projection techniques and the workings of the macroeconomic model. All other specific tasks detailed in the Terms of Reference (TOR) for the assignment that can be found at the following website: https://mof.gov.so/publications/tor-macroeconomic-expert-cbs

3.    Duration: The proposed duration for the assignment is twelve months, renewable upon satisfactory performance

2.  Selection Criteria: The selection shall be based on qualification, experience and skills of the candidate and followed by an interview. Economist on Macroeconomic modelling, forecasting and policy analysis should have the following:

•       MSc (MA) in economics or related fields, preferably in the area of macroeconomic analysis, policy analysis and econometrics. PhD is an additional asset.

•       At least 10 years of experience in applied economic theory/quantitative methods and policy work.

•       Sound knowledge of monetary, fiscal and financial analysis, macroeconomic and forecasting issues in post conflict and fragile economies with challenges in data gaps.

•       Demonstrated experience in developing and programming Excel, E-Views, MATLAB or STATA for macroeconomic projection tools.

•       Training and facilitation experience in macroeconomic projection instruments.

•       Strong analytical and mathematical skills, including application of quantitative methods for economic policy analysis and formulation.

•       Excellent computer skills including database management and proficiency in standard econometric tools (particularly E-Views & STATA) and high proficiency in Excel.

•       Ability to work collaboratively with teams as a constructive team mentor.

•       International Experience: Experience working in similar developing countries is required.

•       Language and Communication: Exceptional command of the English language, both spoken and written, along with excellent communication skills.

•       Organizational Skills: Strong ability to organize and manage projects, with excellent reporting and coordination skills.

•       Leadership and Technical Expertise: Demonstrated leadership skills, technical competence, and professional capabilities for the timely implementation, coordination, and management of activities

5.  The Ministry of Ministry of Finance now invites eligible consulting (“Consultants”) to indicate their interest in providing the above-mentioned Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services and furnish the Curriculum Vitae (CV).

6.  Attention of interested Consultants is drawn to section III, para 3.14,3.16 & 3.17 of the World Bank’s

Procurement Regulations for IPF Borrowers: Procurement in Investment Projects Financing Goods, Works, Non -Consulting and Consulting Services dated in September 2023 (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest.

7. A Consultant will be selected in accordance with the Individual Consultant method set out in the World Bank Procurement Regulations.

Interested Consultant may obtain further information (in person or by e-mail) at the address below during office hours from 8.00 a.m.– 4.00 p.m. Saturday to Thursday except on public holidays.

9. Deadline for submission: Expressions of interest should be delivered in a written form to the address below (in person, or by e-mail) by 11th February 2025 4:00PM local Time.

Attention; Project Coordinator

SCALED-UP Project

Ministry of Finance

Federal Government of Somalia

Shangani District, Mogadishu, Somalia

Email Address:  bid.scaledup@piu.mof.gov.so

Cc:  Procurement@centralbank.gov.so

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