Posted 12/16/2023, 3:54:00 PM
Somalia Receives $4.5 Billion Debt Relief to Spur Growth If Reforms Continue
- Somalia granted $4.5 billion in debt relief from IMF and World Bank, allowing it to discuss new lending
- Biggest task is avoiding future debt that caused past economic turmoil
- Debt relief frees Somalia to seek funding for projects, but must maintain fiscal responsibility
- Somalia plans to grow economy and attract investment to avoid returning to "debt trap"
- Reforms so far are encouraging, but continued improvements in revenue, budgeting, governance needed