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.
Latest Stories
-
Anticipation builds as Junior Speller hosts nationwide auditions
16 mins -
The driver’s mate conundrum
50 mins -
IMF Deputy Chief worried large chunk of Eurobonds is used to service debt
1 hour -
Otumfuo Osei Tutu II celebrates 25 years of peaceful rule on golden stool
1 hour -
We have enough funds to pay accruing benefits; we’ve never missed pension payment since 1991 – SSNIT
2 hours -
Let’s embrace shared vision and propel National Banking College – First Deputy Governor
2 hours -
Liverpool agree compensation deal with Feyenoord for Slot
2 hours -
Ejisu by-election: There’s no evidence of NPP engaging in vote-buying – Ahiagbah
2 hours -
Ejisu by-election: Independent ex-NPP MP’s campaign team warns party against dubious tactics
3 hours -
ZEN Petroleum supports Tse-Addo Future Leaders School
4 hours -
NPP must win back Adentan seat in 2024 polls – Obeng Fosu
4 hours -
PPA Clarification: The dark side of the World Bank’s ‘giveaways’ in Ghana by Bright Simons
5 hours -
Blinken says China helping fuel Russian threat to Ukraine
6 hours -
MHA declares May as Purple Month for Mental Health Awareness
6 hours -
WAEC arrests former headmaster over illegal students registration
6 hours