United States has commended International Monetary Fund (IMF) and the World Bank for granting Somalia debt relief.
The new status is the culmination of various reforms that Somalia has initiated to manage public finance, curtail corruption, and pursue peace and prosperity for all.
The US says Somalia deserves lauding for reaching the decision point under the expansive Heavily Indebted Poor Countries (HIPC) Initiative that the two global lenders put in place.
US Embassy in Mogadishu hailed the decision point as a major “milestone” for the Horn of Africa nation that has known nothing but wars, conflicts, political instability, and insecurity.
For decades, Somalis have not enjoyed the services of a functional government either. Under President Mohamed Farmaajo, they seem to be on the way to a brighter future.
In a statement released to newsrooms, the US Embassy said, “This historic decision heralds a new era for the country. We are committed to help Somalia to work towards a bright future.”
Somalia reached the decision point after IMF and World Bank determined that it had met reform benchmarks. The East African nation has also cleared its debts to multilateral creditors.