top
International
International
Indybay
Indybay
Santa Cruz
Santa Cruz
Indybay
Regions
Indybay Regions North Coast Central Valley North Bay East Bay South Bay San Francisco Peninsula Santa Cruz IMC - Independent Media Center for the Monterey Bay Area North Coast Central Valley North Bay East Bay South Bay San Francisco Peninsula Santa Cruz IMC - Independent Media Center for the Monterey Bay Area California United States International Americas Haiti Iraq Palestine Afghanistan
Topics
Newswire
Calendar
Features
From the Open-Publishing Calendar
From the Open-Publishing Newswire
Indybay Feature
Somalia Wins Debt Relief
by Kate Zeller
Wednesday Mar 25th, 2020 2:33 PM
The International Monetary Fund and World Bank announced that Somalia qualifies to receive debt relief. In three years time, Somalia's debt will be reduced from $5.2 billion to $557 million.
Washington, DC - The International Monetary Fund and World Bank announced that Somalia qualifies to receive debt relief. In three years time, Somalia's debt will be reduced from $5.2 billion to $557 million.

"Debt relief for Somalia is incredibly exciting news and can't come soon enough," said Eric LeCompte who leads Jubilee USA, a development group that advocated for debt relief for the African country. "Somalia is one of the poorest countries in the world and this relief is vital to confront extreme poverty in the country."

Nearly three quarters of Somalia's people live in extreme poverty, according to the United Nations Development Programme.

Somalia is the 37th country to qualify for debt relief under a global agreement that Jubilee USA and partners won in the early 2000s. The Heavily Indebted Poor Countries Initiative or HIPC process dedicates debt relief for health and education aid for developing countries. The HIPC process also opens the door for Somalia to borrow again.

"Other creditors still need to fund and agree to the process in the months ahead, but this is a huge step forward in the fight against poverty in Somalia," said LeCompte.
Add Your Comments
We are 100% volunteer and depend on your participation to sustain our efforts!

Donate

donate now

$ 162.00 donated
in the past month

Get Involved

If you'd like to help with maintaining or developing the website, contact us.

Publish

Publish your stories and upcoming events on Indybay.

IMC Network