Having fulfilled major reform requirements, Mogadishu now stands to benefit from a $4.5 billion debt write-off organized through the International Monetary Fund and World Bank.
Progress rewarded: Over the past 15 years, Somalia has worked to improve governance, fiscal discipline, and efforts to tackle poverty, which were conditions for debt relief. Federal troops aided by an African Union peacekeeping mission have also pushed al-Shabab terrorists far from major coastal cities.
The World Bank praised the fragile countrys progress, and the new deal sees Somalias debt burden fall from 65% to 6% of GDP. The UN has lifted a three-decade-long arms embargo, which should help net advanced equipment needed to fight the terrorists just as AU peac…
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