Somalia Secures $4.5B Debt Relief Deal

International creditors, including the IMF and World Bank, agree to reduce Somalia's external debt from 64% of GDP to less than 6% by the end of 2023.

Somalia has secured a $4.5 billion debt relief deal from international creditors, including the International Monetary Fund and World Bank, as part of the Heavily Indebted Poor Countries initiative.
The deal will reduce Somalia's external debt from 64% of GDP in 2018 to less than 6% of GDP by the end of 2023.
The U.S. Treasury intends to cancel 100% of Somalia's remaining claims and urges other bilateral creditors to do the same.
Debt relief will allow Somalia to develop economically, take on new projects, and attract new investors.
The deal is a significant milestone for Somalia, which has been working towards debt relief for nearly a decade across three political administrations.