IMF secures $330m debt relief for Somalia

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IMF secures $330m debt relief for Somalia

The International Monetary Fund (IMF) says it has secured more than $330m (£255m) in debt relief for Somalia.

This brings the country a crucial step closer to receiving forgiveness for its $5.3bn debt and accessing new resources.

The IMF said the funding pledged by its members showed that Somalia was committed to financial reform despite what it described as very challenging circumstances.

The country, which is one of the world’s poorest, has an IMF-monitored economic programme.

A graft monitoring group has named Somalia the world’s most corrupt country for the past several years.

 

Olajumoke Adeleke