Left Menu
Development News Edition

Paris Club creditors agree to forgive at least 67% of Somalia's debt -source

Reuters | Washington DC | Updated: 01-04-2020 03:21 IST | Created: 01-04-2020 03:21 IST
Paris Club creditors agree to forgive at least 67% of Somalia's debt -source

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.


TRENDING

OPINION / BLOG / INTERVIEW

‘Discounted Deaths’ and COVID 19: Anthropology of Death and Emotions

Death is a social event rather than the mere cessation of biological functions. As seen by anthropologists, death is not just physical but intensely social, cultural, and political....

Indigenous knowledge of communities a must for maximizing impact of community work

Generally, it has been observed that the majority of the academicians in higher education institutions neglect the wisdom of community people and throw their weight around thinking that they know everything and the community knows nothing. ...

In rebuking FBR, Pakistan’s courts take a stand for public health

The system, if implemented effectively, will allow Pakistans revenue service to combat the illicit trade in tobacco products and potentially add hundreds of millions of dollars to the states budget each year. ...

Dissecting how COVID-19 is catalyzing the trajectory of New World Order

The ensuing pandemic of COVID-19 has hit the globalization in two ways firstly, shrinking the importance of globalization as an economic force by curtailing mobility through worldwide lockdowns, and secondly, rejuvenating the idea of indig...

Videos

Latest News

Thailand reports 1 new coronavirus case, no new deaths

Thailand reported one new coronavirus case on Saturday and no new deaths, taking the total number of infections to 3,077 as local transmission of the new virus appears to wane. The new patient arrived in Thailand via a land border with Mala...

Twelve migrants test positive for coronavirus at Mexican government shelter

Twelve migrants have tested positive for coronavirus at a government-run shelter in the Mexican border city of Ciudad Juarez, the labor ministry said on Friday.The gritty industrial city neighboring El Paso, Texas, has received thousands of...

2 militants killed in encounter in Kulgam district of Jammu and Kashmir: Police.

2 militants killed in encounter in Kulgam district of Jammu and Kashmir Police....

Cynthia Erivo to lead Quibi's docuseries 'What We Keep'

Short-form streaming service Quibi has partnered with Harriet star Cynthia Erivo for upcoming docuseries What We Keep. The series, to be directed by Penny Lane, is based on Bill Shapiro and Naomi Waxs book of the same name, reported Deadlin...

Give Feedback