Somalia secures $4.5 billion debt relief deal with international creditors

Somalia has secured a $4.5 billion debt relief deal from its international creditors,. The International Monetary Fund and World Bank announced the deal Wednesday. As a result of its participation in the program, Somalia’s external debt will fall from 64 percent of GDP in 2018 to less than 6 percent of GDP by the end of 2023, the IMF and World Bank say in a joint news release. The deal is “a significant milestone in Somalia’s path to continued recovery,” U.S. Treasury Secretary Janet Yellen said.