The International Monetary Fund (IMF) has reached a staff agreement with Somalia on Heavily Indebted Poor Countries (HiPC) completion point.
The Central Bank of Somalia (CBS) announced this significant milestone on Saturday.
The agreement followed a successful outcome of the sixth review of the Extended Credit Facility (ECF) program.
Somalia seeks to achieve debt relief status by December 2023.
This was the last most significant milestone it had to achieve on its path toward debt relief.
According to CBS, Somalia achieved this through a variety of factors.
These include microcritical reforms in addition to transparency via the ECF program.