The Paris Club, a collection of some of the worlds wealthiest creditor nations, has announced the cancellation of 99% of Somalias debt, in a major boost as the country continues its fragile economic recovery from an ongoing three-decade conflict.
In a statement released by the Paris Club, which is run by senior officials from the French Treasury, Somalias creditors, including the US, UK, Russia, Norway, and Japan, announced the cancellation of $2bn owed to club members as of January 2023.
The Paris Club said part of the debt would be waived on a voluntary and bilateral basis between individual countries that Somalia had borrowed from and the rest under the Heavily Indebted Poor Countries Initiative (HIPC), an IMF and World Bank scheme to s…
Read the full article at: https://www.theguardian.com/global-development/2024/mar/14/somalia-debt-cancelled-paris-club-creditor-nations-2bn