Somalia: IMF and World Bank Announce U.S$4.5 Billion in Debt Relief for Somalia

[IMF] The Executive Boards of the International Monetary Fund (IMF) and the World Bank's International Development Association (IDA) have approved[1] the Heavily Indebted Poor Countries (HIPC) Initiative Completion Point for Somalia, which provides total debt service savings for the country of US$4.5 billion.[2] Following HIPC Completion Point, Somalia's external debt has fallen from 64 percent of GDP in 2018 to less than 6 percent of GDP by end 2023. This debt relief will facilitate access to