Somalia receives $4.5 billion debt relief from IMF and World Bank under HIPC initiative

The International Monetary Fund (IMF) and the World Bank’s International Development Association (IDA) have approved a major debt relief package for Somalia under the Heavily Indebted Poor Countries (HIPC) Initiative. The relief amounting to US$4.5 billion marks a significant turnaround for the nation’s economy, drastically reducing Somalia’s external debt from 64% of its GDP in […]

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