Somalia's government on Wednesday held celebrations in the capital, Mogadishu, after the IMF and the World Bank announced $4.5bn in debt relief for the country.
Prime Minister Hamza Abdi Barre said that the relief is "equivalent to relieving every Somali person of a debt of more than $300".
"This is a testament that our country and our people are financially viable, attracting foreign investment, and we are no longer debt-ridden,” he added.
The $4.5bn debt relief also includes pardons by other multilateral, bilateral and commercial creditors.
"Somalia’s external debt has fallen from 64% of GDP in 2018 to less than 6 percent of GDP by end 2023."
Re: Celebrations in Somalia
More than a half of such a debt was in fact the accumulated interest, which kept being added to the initial amount of debt.
For sure Somalia is getting gradually on its feet, which is a good news for Eritreans but equally bad news for Ethiopians.
For sure Somalia is getting gradually on its feet, which is a good news for Eritreans but equally bad news for Ethiopians.