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Somalia’s Finance Minister Discusses Financial Reforms at IMF-World Bank Spring Conference

Storyline:National News

GOOBJOOG NEWS | WASHINGTON DC: Somalia’s Finance Minister Bihi Iman Egeh held a meeting with the Executive Director representing Somalia at the IMF Dr. Mahmoud Mohiedin in Washington DC.

During the meeting, the discussion, which is part of the spring conference hosted by the International Monetary Fund (IMF) and the World Bank centered on key financial reforms and strategies for post-debt relief with global leaders.

The talks come as Somalia continues making significant financial strides including substantial debt forgiveness under the Heavily Indebted Poor Countries (HIPC) Initiative.

A few months ago, the IMF and World Bank’s International Development Association approved Somalia’s Completion Point under the enhanced HIPC Initiative, a move that reduced the nation’s external public debt from $5.3 billion in 2018 to just $0.6 billion by the end of 2023.

Reaching the HIPC Completion Point lowered Somalia’s external debt from 64% of GDP in 2018 to less than 6% by the end of 2023, paving way for full normalization of relations with key international partners.

The move also improved Somalia’s access to critical financial resources, which will help drive the country’s economy and create jobs hence alleviate poverty in the country.