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Somalia is expected to get major debt relief this week, slashing its debt-to-GDP ratio to less than 6% in a historic move that would allow it to rejoin the international financial system after roughly 30 years.
First, the HIPC-CP determines the eligibility for full and irrevocable cancellation of about 90% of the $5.6 billion of Somalia’s external debt, committed at
Economic growth slowed significantly in 2022 from surging inflation, tighter global financial conditions.
First, the HIPC-CP determines the eligibility for full and irrevocable cancellation of about 90% of the $5.6 billion of Somalia’s external debt, committed at
The financing follows considerable progress Somalia has made in rebuilding its economy and institutions under the current ECF-supported programme.