Somalia is set to receive debt relief of $4.5 billion from international creditors, the International Monetary Fund and World Bank announced Wednesday, as part of a debt forgiveness initiative overseen by both organizations.
The east African country is one of the poorest in the world, struggling to recover from decades of civil war, and with around 70 percent of its population living on less than $1.90 a day.
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 said.
The green light comes as Somalia reached the completion point of the Heavily Indebted Poor Countries Initiative (HIPC), the fund added in a statemen…
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