The Federation of Somali Trade Unions (FESTU) is in a celebratory mood after the country received news from the International Monetary Fund and World Bank that they had reached a decision point to award it debt relief status.
The Bretton Woods Institutions have made Somali the 37 nation in the world to earn debt relief under the improved Heavily Indebted Poor Countries (HIPC) Initiative. FESTU hailed the commitment that Federal Government of Somalia put in to financial management reforms.
FGS has initiated several programs to rebuild and push the country towards an era of peace, stability, infrastructural development, increased job and business opportunities, and economic prosperity. According to FESTU, the country is on the right track to achieving these goals.
The Secretary General of FESTU, Omar Faruk Osman, said, “As a nation, it gives us great joy to see Somalia entering a new chapter that is full of exciting opportunities. Decision Point is the first step towards breaking the poverty cycle that has yoked millions of Somalis.”
Generations of Somalis have known nothing but tribal and clan conflicts, insecurity, and political instability. Osman says the country’s workers have suffered a lot, especially without a functional government to create conducive environment for rewarding their efforts.