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
-
GPL 2025/26: Asante Kotoko draw with GoldStars to extend winless run
22 minutes -
Fire guts temporary wooden structures at Afful Nkwanta in the Ashanti Region
1 hour -
Haruna Iddrisu didn’t approve gender identity content – Education Ministry
2 hours -
‘We are not for sale’: Thousands rally in Greenland and Denmark against Trump’s annexation threat
2 hours -
Deputy Education Minister directs GES to act on video of SHS students displaying charms
2 hours -
From camouflage to tracksuits – Guinea’s junta leader becomes civilian president
2 hours -
Iran supreme leader admits thousands killed during recent protests
2 hours -
Judiciary to roll out court decongestion measures, galamsey courts – Chief Justice
4 hours -
Ugandan leader to extend 40-year rule after being declared winner of contested poll
4 hours -
Residents demand action on abandoned Salaga–Kumdi–Kpandai road
4 hours -
Ghana, Japan explore ways to deepen long-standing bilateral ties
4 hours -
Ghana Navy foils illegal fuel bunkering operation along Volta coastline
5 hours -
Gov’t assures minimal power disruption during WAPCo gas pipeline maintenance
5 hours -
Burna Boy and Sporty Group unveil new single “For Everybody” celebrating Africa’s sports heritage and cultural excellence
5 hours -
Achieve By Petra partners Richie Mensah to drive financial independence
5 hours