Somalia has confirmed that 99% of its Paris Club debts have been forgiven, an important step in the country’s efforts to rejoin the international financial system.
Countries such as the United States, Japan and Russia in the Paris Club have canceled more than 2 billion dollars of the debts owed to Somalia, according to a report issued by the Paris Club, an agency of the ministry. France’s finance ministry is responsible for many of the country’s creditors.
Somalia, which owed more than $4.5 billion in debt, was forgiven all of those debts after the December 2023 debt relief initiative was reached under the supervision of the International Monetary Fund (IMF) and the World Bank.
“Paris Club creditors welcome Somalia’s decision to continue implementing a comprehensive strategy to reduce the credit gap and economic reform program to create the basis for sustainable and inclusive economic growth,” he said. said the Paris Club.
The so-called Paris club countries have more than 3.1 billion dollars in Somalia.
