The debt that Somalia was recently forgiven is several decades old.
Bihi Egeh, the Minister of Finance, said that the country incurred the debt from 1961-1990.
Early this month, Somalia achieved a milestone when the Bretton Woods institutions forgave $4.5 billion that it owed.
According to Egeh, the initial loan was $2 billion.
The debt grew to $4.5 billion because of the many interests and fines that it attracted whenever the government failed to clear it.