Paris Club Reduces Somalia’s Debt Burden by $1.4 Billion

Mogadishu, Thursday, April 02, 2020—The Prime Minister of the Federal Government of Somalia, HE. Hassan Ali Khaire welcomed the decision of the Paris Club creditors for their pledge of $1.4 billion in debt relief that was owed by Somalia.

This comes after the International Financial Institutions (IFC) pledged $830 million last week, bringing the current amount of money pardoned for Somalia to $2.24 billion. The total amount owed by Somalia was $5.2 billion.

In addition, other non-Paris Club creditors have also pledged to pardon up to 67% of the debt owed to them, which will increase the proportion of the debt relieved to this point. Donors have also pledged to reduce all or most of Somalia’s debt when Somalia fulfills the remaining conditions.

The Prime Minister thanked the countries for their support toward the Somali Government’s reform of its financial systems and for their contribution to building hope among the Somalia people.

“This is a historical milestone, an indication of the revival of our nationhood and a victory for every Somali. This initiative has produced results, and we need to continue the journey,” said Prime Minister Hassan Ali Khaire.

The Prime Minister also commended the efforts made by the Federal Government and the Member States in realizing this outcome, which is one of the biggest achievements Somalia has made in the last 30 years.

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