Somalia has been granted relief on $4.5 billion of its debt under an initiative to assist heavily indebted poor countries overseen by the International Monetary Fund and the World Bank. This will mark a significant milestone in Somalia's efforts to rejoin the global financial system after being excluded for 30 years due to instability and civil war. The two international financial institutions stated that this step will reduce Somalia's debt to less than six percent of its GDP by the end of this year, down from 64 percent at the end of 2018. Bilateral and commercial lenders contributed three billion dollars in debt relief, while the IMF, World Bank, and other multilateral lending institutions provided the remainder.
IMF: Somalia to Receive Debt Relief
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