Somalia Federal Government President Hassan Sheikh Mohamud has expressed his heartfelt appreciations and gratitude to the International Monetary Fund (IMF) and the World Bank.
The President conveyed the gratitude message when he met a high level officials drawn from the IMF and World Bank in Washington, United States of America,
President Mohamud outlined that the financial institutions played a significant role in the landmark and historic success of debt relief for Somalia.
He pledged his unwavering commitment to further advancing partnership with the global lenders in a bid to foster development in the Horn of Africa Nation that has continued to record international and regional victory on diverse aspects.
The delegation thanked President Mohamud for the meeting and undertook to continue fostering the good relations with the Somalia government and provide technical assistance and policy guidance.
Somalia secured debt relief of $4.5 billion on Wednesday after reaching completion point under the Heavily Indebted Poor Countries (HIPC) Initiative.
The International Monetary Fund (IMF) and the World Bank announced that the country’s external debt has fallen from 64 percent of GDP in 2018 to less than 6 percent of GDP by end 2023.
The statement added that “this debt relief will facilitate access to critical additional financial resources that will help Somalia strengthen its economy, reduce poverty, and promote job creation.â€
