IMF says Somalia is on track to reach major debt deal

Central Bank of Somalia
The Central Bank of Somalia
Photo: Central Bank of Somalia

The International Monetary Fund has said Somalia’s authorities have done almost everything needed to secure an agreement to significantly cut the country’s foreign debt.

The government and the Central Bank of Somalia have spent several years negotiating with creditors to agree a “completion point” under the Heavily Indebted Poor Countries (HIPC) initiative. The IMF said if Somalia achieved the completion point, its foreign debt would fall to $600 million, from $5.2 billion at the end of 2018

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