Paris Club creditors have delivered yet another set of pleasant news to Somalia after canceling 99 percent of the country’s debts.
On Wednesday, the Paris Club declared that Somalia had convinced the creditor nations it owed to cancel most of the country’s debts.
This means that the East African nation is now firmly on the path to rejoin the global financial system once again.
Some of the countries that canceled Somalia’s debt include the United States, Japan, and Russia.
This development followed the debt relief that Somalia received in December of last year.
For over three decades, Somalia has not been a part of the international system. However, this appears to be changing under the leadership of President Hassan Sheikh Mohamud.