Somalia’s $2 Billion Debt Forgiven by Several Countries
Several nations, including the US, Japan, and Russia, have agreed to cancel over $2 billion of debt owed by Somalia.
This debt forgiveness, overseen by the IMF and World Bank, is a significant step for Somalia, allowing it to focus on poverty reduction through investments in healthcare, education, and infrastructure.
Achieving full debt relief will greatly reduce Somalia’s external debt and help rebuild the country after decades of conflict and isolation.
This news highlights the importance of international cooperation in supporting countries in need of financial assistance.
(Credit: BBC)
https://www.bbc.com/news/live/world-africa-68531430?src_origin=BBCS_BBC