IMF, World Bank move pushes Somalia closer to debt forgiveness

The World Bank and the International Monetary Fund on Thursday said they had taken a next historic step toward forgiveness of Somalia’s $5.3 billion (Sh530 billion) in debt, with a final decision possible by the end of March.

The executive boards of the two institutions agreed at their respective meetings on February 12 and 13 that the East African country is eligible for assistance under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative, based on a preliminary assessment.