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IGAD welcomes call by AU for cancellation of Somalia debt

Storyline:National News

The Executive Secretary of the Intergovernmental Authority on Development (IGAD), H.E. Amb (Eng.) Mahboub Maalim welcomes the “Key Decisions of the 32nd Ordinary Session of the Assembly of the African Union (February 2019)” and is specifically delighted by the call to cancel Somalia’s debt towards the AU Member States.

As rightfully stated in the Decisions document, the Executive Secretary views “debt cancellation as a means towards enhancing peace, security, development and durable solutions for displaced Somalis”. Amb Maalim also pointed out that this would go a long way to improve the lives of Somalis who have been adversely affected by three decades of unfavourable conditions in all aspects of their day-to-day life.

“Somalia’s efforts at peace consolidation are constrained by the debt burden that prevents it from accessing concessionary financing and normalizing relations with International Financial Institutions (IFIs)”, he stated.

IGAD Executive Secretary furthermore expressed his full and unwavering support to the AU call in regards to the “IFIs that have pledged financial support, to step up their good faith efforts and accelerate the normalization of financial relations with Somalia”.

Amb Maalim reiterated IGAD support to Somalia’s journey to peace and lasting development, and recalled that “Somali people deserve a peaceful and prosperous Somalia”. He concluded that a normalized Somalia “will be a major player towards regional integration in the sub-region”.