Another Economic Win for Somalia 

In a statement released by the Paris Club, which is run by senior officials from the French Treasury, Somalia’s creditors, including the US, UK, Russia, Norway, and Japan, announced the cancellation of $2bn owed to club members as of January 2023. The Paris Club said part of the debt would be waived on a “voluntary and bilateral basis” between individual countries that Somalia had borrowed from and the rest under the Heavily Indebted Poor Countries Initiative (HIPC), an IMF and World Bank scheme to support poorer countries with unsustainable debt levels. Kristalina Georgieva, the managing director of the IMF, also welcomed the breakthrough, calling it a “major stride towards economic development and poverty reduction” for Somalia.

BARRON’S