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IMF: Somalia to access new external financing

MOGADISHU (SD) -The International Monetary Fund (IMF) has stated that Somalia has secured international financial support to promote sustainable development in crucial areas such as education and job creation, aiming to improve the lives of the Somali people.

The IMF has highlighted that Somalia stands to benefit from debt relief exceeding 90% of its external debt, following the attainment of the Heavily Indebted Poor Countries (HIPC) initiative. This initiative is aimed at reducing the debt burden on heavily indebted poor countries, which includes Somalia.

The IMF has commended Somalia for progress in its economic reforms, especially after implementing a poverty reduction strategy over the past year.

In December, the IMF and the World Bank approved a $4.5 billion debt relief package for Somalia after the country completed years of economic reforms. Somalia is now the 37th country to reach the decision point under the debt relief framework, a process initiated in 1996.

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