(Photo: UN/Kim Haughton)By Amina Wako | Friday, November 8, 2024In December 2023, Somalia announced its completion of the HIPC programme, qualifying for $4.5 billion in debt relief. This move marks the latest step in a series of debt relief efforts that have provided Somalia with critical financial breathing room. The US was Somalia’s largest bilateral creditor, holding roughly 20 per cent of Somalia’s debt in 2018, according to the International Monetary Fund (IMF). In December 2023, Somalia announced its completion of the HIPC programme, qualifying for $4.5 billion in debt relief. Mohamed Shire, director-general of Somalia’s Ministry of Planning, Investment, and Economic Development, also praised the debt relief as “historic” and “excellent news for Somalia’s ongoing recovery effort”.
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