IMF says Somalia to qualify for full debt relief by year end
Traders sell their wares along a street in Somalia. Somalia will be eligible for full debt relief from the IMF and other multilateral lenders by the end of 2023. PHOTO | SADAK MOHAMED | ANADOLU AGENCY VIA AFP
Business and Technology Reporter in Nairobi, Kenya
Nation Media Group
Somalia will be eligible for full debt relief from the International Monetary Fund (IMF) and other multilateral lenders by the end of this year as reforms to boost revenue collection and fiscal transparency begin to bear fruit, the lender has said.
Somalia reached the decision point for IMF debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative in March 2020, which saw its debt stock reduce to $3.7 billion from the $5.2 billion it had accumulated by December 2018.
