{"id":97264,"date":"2023-12-12T21:12:34","date_gmt":"2023-12-12T18:12:34","guid":{"rendered":"http:\/\/warsom.com\/wararka\/?p=97264"},"modified":"2023-12-12T22:22:46","modified_gmt":"2023-12-12T19:22:46","slug":"97264","status":"publish","type":"post","link":"https:\/\/warsom.com\/wararka\/2023\/12\/97264\/","title":{"rendered":"Somalia hopes to receive the biggest debt forgiveness in the world."},"content":{"rendered":"

Somalia is expected to get major debt relief this week, slashing its debt-to-GDP ratio to less than 6% in a historic move that would allow it to rejoin the international financial system after roughly 30 years.<\/p>\n

The war-scarred East African country is set for the relief under the World Bank and International Monetary Fund’s (IMF) Heavily Indebted Poor Countries (HIPC) Initiative.<\/p>\n

An IMF media advisory on Monday said Somalia was scheduled to reach the “Completion Point” under HIPC on Dec. 13, calling it “a major milestone in its development path”.<\/p>\n

The World Bank’s executive board is expected to approve the Completion Point on Tuesday and the IMF’s board on Wednesday.<\/p>\n

After those approvals “Somalia will receive significant debt relief that will reduce its external debt from about 64 percent of GDP at end-2018 to less than 6 percent of GDP at end-2023,” the advisory said.<\/p>\n

Earlier this month the United Nations Security Council lifted a three-decade-long arms embargo on Somalia that was put in place to cut the flow of weapons to feuding warlords after a civil war broke out.<\/p>\n

The Horn of Africa nation and IMF reached a staff-level agreement in November for a 36-month Extended Credit Facility loan of about $100 million.<\/p>\n

In July, Somalia said Russia had granted it relief on $684 million of debt, saying it would play a big role in its debt forgiveness process.<\/p>\n

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Somalia is expected to get major debt relief this week, slashing its debt-to-GDP ratio to less than 6% in a historic move that would allow it to rejoin the international financial system after roughly 30 years. The war-scarred East African country is set for the relief under the World Bank and International Monetary Fund’s (IMF) […]<\/p>\n","protected":false},"author":3,"featured_media":97265,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,56],"tags":[],"class_list":["post-97264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dhacdoyinka-caalamka","category-english"],"_links":{"self":[{"href":"https:\/\/warsom.com\/wararka\/wp-json\/wp\/v2\/posts\/97264","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/warsom.com\/wararka\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/warsom.com\/wararka\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/warsom.com\/wararka\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/warsom.com\/wararka\/wp-json\/wp\/v2\/comments?post=97264"}],"version-history":[{"count":3,"href":"https:\/\/warsom.com\/wararka\/wp-json\/wp\/v2\/posts\/97264\/revisions"}],"predecessor-version":[{"id":97304,"href":"https:\/\/warsom.com\/wararka\/wp-json\/wp\/v2\/posts\/97264\/revisions\/97304"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/warsom.com\/wararka\/wp-json\/wp\/v2\/media\/97265"}],"wp:attachment":[{"href":"https:\/\/warsom.com\/wararka\/wp-json\/wp\/v2\/media?parent=97264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/warsom.com\/wararka\/wp-json\/wp\/v2\/categories?post=97264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/warsom.com\/wararka\/wp-json\/wp\/v2\/tags?post=97264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}