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Somalia: IMF and World Bank Announce U.S$4.5 Billion in Debt Relief for Somalia
IMF, 14 December 2023
The Executive Boards of the International Monetary Fund (IMF) and the World Bank’s International Development Association (IDA) have approved[1] the Heavily Indebted Poor… Read more »
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Somalia: Somalia Granted $4.5 Billion in Debt Forgiveness
VOA, 13 December 2023
The International Monetary Fund and the World Bank approved $4.5 billion in debt forgiveness for Somalia Wednesday after the Horn of Africa nation completed years of financial… Read more »
Somalia Granted U.S.$4.5 Billion Lifeline By IMF, World Bank
The executive boards of both the International Monetary Fund (IMF) and the World Bank's International Development Association (IDA), have approved the Heavily Indebted Poor Countries (HIPC) Initiative Completion Point for Somalia, which provides total debt service savings for the country of US$4.5 billion. This sees Somalia's external debt falling from 64% of GDP in 2018 to less than 6% of GDP by end 2023. This debt relief will facilitate access to critical additional financial resources that will help Somalia strengthen its economy, reduce poverty, and promote job creation, the IMF has said.
InFocus
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Somalia and Russia have reached two agreements to settle Mogadishu's debts to Moscow of more than $690 million. Somalia owes the single biggest debt -- $1 billion -- to the United ... Read more »
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UN chief António Guterres has reaffirmed the UN's commitment to supporting Somalia as it continues on its path to establishing lasting peace and stability. During his ... Read more »
