The Spanish government has contributed more than €4 million towards Somalia’s debt relief efforts.
Spain joins the list of countries and international partners who are contributing towards the East African nation’s debt relief efforts.
On December 15, reports from Madrid showed that the Spanish Council of Ministers approved a contribution of €4.074 million to reduce Somalia’s debt burden.
The funds were deposited in Specific Account for Somalia in the International Monetary Fund (IMF).
Currently, Somalia owes lenders in excess of $5 billion.
However, the Horn of Africa nation is unable to repay its foreign debts.
Recently, Somalia has benefited from waivers by several partners such as IMF, the World Bank, and European nations.
A communiqué from Madrid said that Spain’s contribution fulfills part of its commitment, which includes enhancing political stability in Somalia.
Spain also reiterated its commitment to enable Somalia to pursue economic progress.