Shattered by decades of war, Somalia can finally look forward to rebuilding normal economic ties with the world after the IMF and World Bank announced it had taken the necessary steps to see most of its $5.2bn of external debt forgiven. The decision announced on Wednesday allows the Horn of Africa nation to get badly needed grants from the World Bank and African Development Bank (AfDB) to combat a locust invasion and floods, and to strengthen its health system to face the coronavirus, said World Bank country representative Hugh Riddell. It will also clear the way for Somalia to receive grants as part of more than $50bn in emergency aid being made available by the IMF for coronavirus response. The IMF’s executive board also approved Somalia to receive a new three-year financing arrangement worth $395m.
SOURCE: BUSINESS DAY LIVE
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