A group of wealthy creditor countries known as the Paris Club has agreed to cancel $1.4bn (£1.1bn) of debt owed by Somalia.
The decision should enable the country to seek new sources of finance to help it recover from three decades of ongoing civil conflict.
Somalia’s Finance Minister Abdirahman Beileh welcomed the decision to relieve his country of two-thirds of its external debt.
He said Somalia would continue the economic reforms which helped to clinch the deal.
The Paris Club, formed in 1956, is an informal group of creditor governments from major industrialised nations.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Disregard Wontumi TV presenter’s misleading broadcast on Election 2024 voting date – EC
31 mins -
I’ve no plans to leave comedy for movie production, says Basketmouth
2 hours -
Akufo-Addo seeks to use Bawumia to complete Akyem Agenda– Asiedu Nketiah
2 hours -
‘Bawku conflict politicised for electoral gains’ -Martin Amidu alleges
2 hours -
‘Let industry players play the game ‘ – AOMC boss slams political interference in oil sector
3 hours -
Let’s learn from ExxonMobil, high flyers must lead the way for mergers – AOMC Boss
3 hours -
‘So many regulations, yet corruption prevails’ – Dr Riverson Oppong on OMC oversaturation
3 hours -
At least 24 dead after two boats capsize off coast of Madagascar
4 hours -
Madina MP lauds White Chapel Youth Group for championing peace ahead of elections
4 hours -
Man United settle for draw at Ipswich Town in Amorim’s first game in charge
5 hours -
GPL 2024/2025: Prince Owusu screamer earns Medeama win over Young Apsotles
5 hours -
BBC visits mpox clinic as WHO says DR Congo cases ‘plateauing’
5 hours -
Burning old TVs to survive in Ghana: The toxic trade in e-waste
5 hours -
Perfume boss admitted he ignored Russia sanctions
5 hours -
Wicked proves popular as opening set to be biggest for Broadway film
5 hours