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
More Stories
Nigerian Granny on Carpool Duty Lands a Role with Beyoncé
A Baseline Study for African Jellyfish Species
Praia Deports Wanted Colombian Official
How Public Housing Plans Fuel Tensions in Addis Ababa
EJS Joins Calls for Zimbabwe’s Rights Issues
An Update of Africa’s Battle with Coronavirus
Destabilising Libya: A Cause for Concern
Africa’s Second-largest Bridge Closed for Repairs
Talks Around the GERD Stall Again
Somali Doctor and Human Rights Activist Hawa Abdi has Died
A Home for Africa’s Rising Musicians
Nollywood Featuring Bollywood in a Cultural Tag Team