Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    German-Australian hydrogen supply chain investment of $90 million

    January 28, 2023

    Feds say Florida nursing schools sold 7,600 fake diplomas

    January 28, 2023

    Pakistan economy in danger of collapsing due to loan defaults

    January 27, 2023
    Facebook Twitter Instagram
    ME News ServiceME News Service
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • Sports
    • Technology
    • Travel
    ME News ServiceME News Service
    Home » Debt forgiveness by late 2023, IMF staff agreement with Somalia
    Business

    Debt forgiveness by late 2023, IMF staff agreement with Somalia

    October 18, 2022
    Facebook Twitter Pinterest LinkedIn Reddit WhatsApp Email

    A team from the International Monetary Fund (IMF) reached an agreement with Somalia that will allow the release of about $10 million to that country once it has been approved by the IMF’s board, according to the head of the mission of the IMF. Somalia’s Extended Credit Facility was reviewed in Nairobi by IMF mission chief Laura Jaramillo.

    Debt forgiveness by late 2023, IMF staff agreement with SomaliaDespite a prolonged drought, the impact of the Russia-Ukraine conflict, and ongoing security concerns, she praised the authorities for their commitment to economic reforms. Jaramillo said the IMF’s board will review the staff-level agreement in early December.

    By late 2023, Somalia could complete the Heavily Indebted Poor Countries (HIPC) global debt forgiveness process, which would allow Somalia to reduce its debt from $5.2 billion to around $550 million if it continues to make steady progress on reforms. “It would be a tremendous milestone,” she said, noting that Somalia’s debt would drop from 90% to around 7%.

    Somalia would also benefit from new sources of financing as it implements development programs and promotes growth and employment. Improving domestic revenue, including by enhancing sales tax collection, would be a pillar of the country’s economic reforms. IMF officials said Somalia still required immediate and continued international support given the current food crisis, but also needed to improve long-term resilience to climate shocks.

    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email

    Related Posts

    German-Australian hydrogen supply chain investment of $90 million

    January 28, 2023

    Global growth will slow to 1.9 percent in 2023, warn UN economists

    January 26, 2023

    Modi-Sisi sign MoUs to boost Indian-Egyptian trade to $12 billion

    January 26, 2023

    Google is planning to lay off 12,000 employees

    January 20, 2023

    $3.3 billion in engineering exports from Egypt in 11 months of 2022

    January 9, 2023

    Exports of Indian gems and jewellery increased by 8.26 percent

    January 9, 2023
    Latest News

    German-Australian hydrogen supply chain investment of $90 million

    January 28, 2023

    Feds say Florida nursing schools sold 7,600 fake diplomas

    January 28, 2023

    Pakistan economy in danger of collapsing due to loan defaults

    January 27, 2023

    Global growth will slow to 1.9 percent in 2023, warn UN economists

    January 26, 2023

    Modi-Sisi sign MoUs to boost Indian-Egyptian trade to $12 billion

    January 26, 2023

    OPEC fund loans $120 million to Panama to tackle climate change

    January 26, 2023
    © 2022 ME News Service | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.