The IMF and World Bank’s International Development Association (IDA) announced that it approved a debt relief of $4.5 billion for Somalia under the program of the Heavily Indebted Poor Countries Initiative.
The International Monetary Fund and the World Bank approved $4.5 billion in debt forgiveness for Somalia Wednesday after the Horn of Africa nation completed years of financial reforms under the Heavily Indebted Poor Countries Initiative, or HIPC. The initiative was launched in 1996 by the IMF and the World Bank to help the world’s poorest…
"We re very happy because we re going to see our economy improve. This will relieve us of a heavy burden "Somalia will benefit from this major debt relief: Somalia can now issue its own currency, the country s economy will improve and we will be able to build infrastructures such as a new airport."
IGAD and EU commend Somalia for economic reforms whilst undertaking continued support to Nation building – Radio Dalsan radiodalsan.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from radiodalsan.com Daily Mail and Mail on Sunday newspapers.
Somalia Granted $4 5 Billion in Debt Forgiveness voanews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from voanews.com Daily Mail and Mail on Sunday newspapers.