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

[Deeq A.]

New York (HOL) - 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 2018 to less than 6% by the end of 2023, opening new avenues for economic growth, poverty reduction, and job creation.

Source: Hiiraan Online