Somalia to finalize debt forgiveness in bilateral talks - ministerReuters | Washington DC | Updated: 01-04-2020 04:00 IST | Created: 01-04-2020 04:00 IST
Somali Finance Minister Abdirahman Beileh on Tuesday welcomed a decision by the Paris Club, an informal group of wealthy industrialized countries, to forgive at least $1.4 billion, or 67% of the debt owed by the Horn of Africa country.
"We had very productive discussions with the Paris Club and we welcome their support in relieving Somalia of a substantial amount of its debt to them," Beileh told Reuters.
He said the Somali government would hold separate bilateral discussions with the creditors to finalize the process. He said his government would continue the economic reforms that enabled the debt relief decision.