Somalia will reach the key debt relief threshold in February 2020, Finance Minister Abdirahman Beileh has said noting the government was putting in place measures to ensure the country meets conditions set by the World Bank and IMF.
Speaking during a joint media conference with World Bank Africa Region Vice President Hafez Ghanem, Beileh said Somalia was committed to meeting the conditions including instituting reforms across public sectors.
“As my Prime Minister has said, we can only hear the second month of next year, February; we cannot hear anything else as he put it very rightly but he said we can make an exception and January will be ok as the date for us to relief the debt, the decision point,” said Beileh.
Eritrea, Somalia and Sudan are eligible for debt relief under the Highly Indebted Poor Countries (HIPC) but have not started the process.
Once a country reaches its decision point, it may immediately begin receiving interim relief on its debt service falling due.
Speaking during the same event, Ghanem expressed confidence in Somalia’s reform process noting the World Bank was committed to supporting Somalia.
“I commend the government and the people of Somalia for making progress on improving the security and economic situation in the country,” said Ghanem.
“The World Bank Group will continue to be a steadfast partner, to help ensure that reform efforts yield positive and tangible results for all Somalis.”