Economics
Debt Relief Is the First Step Toward Fixing Somalia’s Broken Economy
- Country clears $1 billion of arrears with IMF, World Bank
- Funding needed to tackle coronavirus, locusts: prime minister
This article is for subscribers only.
Somalia’s Prime Minister Hassan Khayre took a key step toward mending the shattered economy by securing a debt-relief accord with the World Bank and the International Monetary Fund.
“We have weathered the storm,” Khayre, who took three years to negotiate the deal that sets the war-torn Horn of Africa nation on course to reduce its debt by more than two-thirds in about three years, said in an exclusive interview. “Somalia is taking a new journey to rebuild its country.”