The Federal Government of Somalia (FGS) has promised to support Sudan to enjoy success in its debt relief efforts.
Dr. Abdirahman Beileh, Somalia’s Minister of Finance, said that his country would not rest until Sudan enjoys similar debt relief success.
Earlier this year, Somalia was rewarded for the stellar fiscal reform programs it had instituted when several international lenders accorded it the debt relief it craved.
A few days ago, France opted to cancel the $306 million that Somalia owed it.
Consequently, Dr. Beileh promised to accord Sudan all the assistance it needs to enjoy debt relief.
Beileh made this pledge during a video conference with his Sudanese Ministry of Finance counterparts on November 25.
He promised to share his knowledge and experience on debt relief process with officials from Sudan’s finance ministry.
Dr. Beileh reminded the Sudan officials of the benefits of committing all resources to the “difficult journey” of financial and economic reforms.
In March 2020, the African Development Bank (AfDB), World Bank, and the International Monetary Fund (IMF) recognized Somalia’s efforts at reforms.
They then allowed it to seek relief under Heavily Indebted Poor Countries (HIPC) Initiative.