Somalia makes progress towards debt relief  

GOOBJOOG NEWS | NAIROBI: Somalia has made remarkable progress towards achieving debt relief, according to an assessment by the International Monetary Fund (IMF).

Finance Minister Elmi Mohamud Nur made the announcement in Nairobi Kenya, after 4-day meeting in Nairobi which focused on domestic revenue development, public finance management, and economic infrastructure reform, which was attended by Somali government agencies and representatives from the IMF and World Bank.

He observed that the new report by IMF shows the steady progress made by Somalia towards achieving economic and financial reforms saying that debt relief will enable Somalia rebuild its economy which has suffered due to conflict.

The IMF review mission is part of the Heavily Indebted Poor Countries (HIPC) Initiative, which aims to provide debt relief to eligible countries to enable them rebuild their economies without the debt burden.

The 4-day meeting in Nairobi discussed various measures to improve Somalia’s domestic revenue development and public finance management as well as economic infrastructure reform, as the country seeks to rebuild its roads, ports, and other vital infrastructure.