December 13, 2023
WASHINGTON, DC:The Executive Boards of the International Monetary Fund (IMF) and the World Banks International Development Association (IDA) have approved[1] 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.[2] Following HIPC Completion Point, Somalias external debt has fallen from 64 percent of GDP in 2018 to less than 6 percent 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.
Debt service relief has been provided by the IMF (US$343.2 million), IDA (US$448.5 million), A…
Read the full article at: https://www.imf.org/en/News/Articles/2023/12/13/pr23438-imf-and-world-bank-announce-us-4-5-billion-in-debt-relief-for-somalia