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US Lauds Move By IMF To Grant Debt Relief To Somalia

The United States has congratulated the Somali government for reaching Heavily Indebted Poor Countries (HIPC) decision point debt relief.

The United States has congratulated the Somali government for reaching Heavily Indebted Poor Countries (HIPC) decision point debt relief.

In a statement, the US embassy termed the move by the International Monetary Fund (IMF) and the World Bank’s International Development Association to grant debt relief to Somalia as a milestone.

The US said that the decision is an important step on Somalia’s path towards stability and prosperity.

“This momentous decision marks the start of a new era for Somalia. We will continue to stand hand-in-hand with the people of Somalia as they work towards a brighter future.”

MF and World announced Somalia qualified for debt relief after meeting reform benchmarks and clearing debts owed to its multilateral creditors.

Somalia is the 37th country to reach this milestone, known as the HIPC Decision Point.

To date, 37 HIPC countries, including Somalia, have reached their decision points, of which 36 have reached the completion point.

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