France has officially written off $145.6 million of Somalia’s debt as part of ongoing international efforts to support Somalia’s economic recovery and stability.
This debt relief aligns with the agreements under the Heavily Indebted Poor Countries (HIPC) Initiative, which Somalia has been working towards completing.
The move is expected to alleviate financial pressure, enabling Somalia to focus on essential reforms and development initiatives.
France announced the debt cancellation on Monday thus bringing a massive reprieve to the people and government of the East African nation.