IMF says members pledged $334m in debt relief for Somalia

2020-02-26 21:22
Map of Somalia. (iStock)

Map of Somalia. (iStock)

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More than 100 IMF members have pledged to provide $334 million in debt relief for Somalia, which then will unlock fresh funds to help the country, the International Monetary Fund announced on Wednesday.

The debt relief will clear the arrears the government has with the IMF, the statement said.

IMF Managing Director Kristalina Georgieva said with financing pledged, the African nation is one step closer to the final step "which will significantly reduce Somalia's total debt and enable access to new resources to jumpstart growth and begin reducing poverty."

Read more on:    imf  |  somalia  |  east africa
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