Audio By Carbonatix
A group of wealthy creditor countries known as the Paris Club has agreed to cancel $1.4bn (£1.1bn) of debt owed by Somalia.
The decision should enable the country to seek new sources of finance to help it recover from three decades of ongoing civil conflict.
Somalia’s Finance Minister Abdirahman Beileh welcomed the decision to relieve his country of two-thirds of its external debt.
He said Somalia would continue the economic reforms which helped to clinch the deal.
The Paris Club, formed in 1956, is an informal group of creditor governments from major industrialised nations.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Ghana’s reliance on Dubai for gold exports leaves cedi exposed as Iran conflict disrupts trade
10 minutes -
Cabinet approves new round of SIM registration exercise
24 minutes -
TUC urges action on women’s rights, workplace protections on International Women’s Day
36 minutes -
Leadership of Cashew Watch Ghana engages TCDA CEO to advance sector growth
37 minutes -
Ghana’s gold crossroads: Why global pressure is real, but a coup is still unlikely
40 minutes -
24-Hour Economy Secretariat targets 160k jobs under new energy transition MoU
42 minutes -
Ada West Education Directorate intensifies policies to reduce teenage pregnancy
46 minutes -
We are in final stages of setting up Women’s Development Bank – Mahama
51 minutes -
IWD: Invest more in women for national development – Fisheries Minister
59 minutes -
CLOGSAG begins indefinite nationwide strike over delayed conditions of service today
1 hour -
Educational orientation worsening youth unemployment in Ghana – Asiedu Nketia
1 hour -
Middle East War: Gov’t must turn oil price gains into relief for the poor
1 hour -
Iran war: Import addiction threatens Ghana’s economic stability – Economist
1 hour -
Women urged to embrace authenticity to unlock their potential
2 hours -
Nigerian army kills 45 in Katsina clash
2 hours