Somali Debt Relief: Growth on the Horizon | Abdiqadar A. Mohamed

 On February 12, 2020, under the Initiative of the Enhanced Heavily Indebted Poor Countries (HIPC), the Executive Boards of the International Monetary Fund (IMF) and the World Bank met to consider Somalia’s eligibility for debt relief. The board agreed that Somalia is eligible for the forgiveness of most of its debt, which measured US$5.3 billion. On 24thof March, the UK and the EU paid the loans owed by Somalia to the African Development Bank.

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