IMF says has financing to provide $334 million in debt relief to Somalia

The International Monetary Fund said on Wednesday it had secured sufficient financing to provide $334 million in debt relief to Somalia, a milestone the bank said brought it one step closer to a decision on forgiveness of most of Somalia's $5.3 billion in debt.

Over 100 IMF member countries had pledged the financing, the lender said in a statement. The World Bank and the IMF said on Feb.14 that a final decision on debt forgiveness was possible by the end of March.