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Monday, May 23, 2022

Finance minister discusses debt relief with UN envoy

Somali minister for Finance, Abdirahman Duale Beileh has discussed with United Nations (UN) envoy in Somalia, James Swan on the country’s bid of debt relief.

In a statement, minister Beileh said he met with Swan over range wide ranges issues.

The two officials talked on the implementation of the IMF SMP Program on the road to debt relief saying they discussed Somalia’s economic reforms process.

“Had a fruitful discussion with the new Special Representative of the UN Secretary General Antonio Guterres to Somalia.

The UN & its member states are valuable partners in our reform based activities,” he said in a Twitter post.
For the last two years, the government led president Farmajo has been carrying out Initiatives to international lenders to help the nation in debt cancellation process.

The World and IMF have jointly commended Somali government for its commitment to improving the economy of the country which is recovering from decades-long civil war.

The Horn of Africa nation owes around $4bn, most of its interest and penalties on nearly three-decades-old loans.

Those arrears make it almost impossible for Mogadishu to access new funds from the International Monetary Fund or the International Development Association, the soft loan arm of the World Bank that has money earmarked specifically for fragile states like Somalia.

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