IMF, World Bank say Somalia ready to receive debt relief

The IMF and the World Bank on Wednesday said Somalia has taken the necessary steps to begin receiving debt relief, a decision that will allow the East African country to lower its $5.2 billion in external debt to around $557 million.

The decision will immediately normalize Somalia's relations with the world after 30 years outside the international financial system, the International Monetary Fund (IMF) and the World Bank's International Development Association said in a joint statement.

Somalia's Paris Club creditors - including the United States, Russia, Italy and France - are expected to make decision on debt relief for Somalia by the end of March, they said.