The International Monetary Fund (IMF) in a press release on Wednesday said the organization has secured about $334 million in debt relief for the country of Somalia
WASHINGTON (Pakistan Point News / Sputnik - 26th February, 2020) The International Monetary Fund (IMF) in a press release on Wednesday said the organization has secured about $334 million in debt relief for the country of Somalia.
"IMF Managing Director Kristalina Georgieva today announced that the International Monetary Fund has secured sufficient financing pledges to allow the Fund to provide comprehensive debt relief to Somalia," the release said. "Over 100 IMF member countries have pledged to provide more than SDR 242 million (US$334 million) in financing."
Georgieva said this debt relief will help Somalia move closer to being eligible for new resources for economic growth and to begin reducing poverty.
The IMF, she added, is committed to helping Somalia recover from a long period of conflict.
