Paris Club creditors agree to forgive at least 67% of Somalia's debt -sourceReuters | Washington DC | Updated: 01-04-2020 03:21 IST | Created: 01-04-2020 03:21 IST
The Paris Club, an informal group of wealthy industrialized countries, on Tuesday agreed to forgive at least 67% of the debts they are owed by Somalia, or around $1.4 billion, a source familiar with the negotiations said. The Horn of Africa country must now meet with each creditor country separately to finalize the details. Some could extend even more generous debt forgiveness terms, said the source, who was not authorized to speak publicly.
The International Monetary Fund and the World Bank last week said Somalia had taken the necessary steps https://www.reuters.com/article/us-somalia-debt/imf-world-bank-clear-somalia-for-debt-relief-normal-ties-to-world-idUSKBN21D05Q to begin receiving debt relief, paving the way for Tuesday's negotiations, which took place via video conference and stretched for over nine hours.