Posted 3/14/2024, 4:24:00 PM
Paris Club Cancels Over $2 Billion of Somalia's Debt, Marking Major Milestone in Country's Economic Recovery
- Paris Club cancels 99% ($2bn) of Somalia's debt in major boost to economic recovery
- Comes after Somalia qualified for debt relief under IMF/World Bank's Heavily Indebted Poor Countries Initiative
- Marks first step to normalize Somalia's access to international finance after 30 years
- Somalia accumulated debt under military dictatorship which collapsed in 1991
- Economic experts say debt relief allows Somalia to expand public services, but must also boost domestic revenue
