Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    TOEFL iBT® Approved for Canada’s Student Direct Stream

    May 30, 2023

    From crisis to catastrophe: China’s potential 65 million COVID cases per week by June

    May 30, 2023

    Twitter’s legal woes mount as former PR firm files lawsuit for unpaid invoices

    May 30, 2023
    Facebook Twitter Instagram
    Syria News FlashSyria News Flash
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • Sports
    • Technology
    • Travel
    Syria News FlashSyria News Flash
    Home » Debt forgiveness by late 2023, IMF staff agreement with Somalia
    Business

    Debt forgiveness by late 2023, IMF staff agreement with Somalia

    October 18, 2022
    Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp VKontakte Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    A team from the International Monetary Fund (IMF) reached an agreement with Somalia that will allow the release of about $10 million to that country once it has been approved by the IMF’s board, according to the head of the mission of the IMF. Somalia’s Extended Credit Facility was reviewed in Nairobi by IMF mission chief Laura Jaramillo.

    Debt forgiveness by late 2023, IMF staff agreement with SomaliaDespite a prolonged drought, the impact of the Russia-Ukraine conflict, and ongoing security concerns, she praised the authorities for their commitment to economic reforms. Jaramillo said the IMF’s board will review the staff-level agreement in early December.

    By late 2023, Somalia could complete the Heavily Indebted Poor Countries (HIPC) global debt forgiveness process, which would allow Somalia to reduce its debt from $5.2 billion to around $550 million if it continues to make steady progress on reforms. “It would be a tremendous milestone,” she said, noting that Somalia’s debt would drop from 90% to around 7%.

    Somalia would also benefit from new sources of financing as it implements development programs and promotes growth and employment. Improving domestic revenue, including by enhancing sales tax collection, would be a pillar of the country’s economic reforms. IMF officials said Somalia still required immediate and continued international support given the current food crisis, but also needed to improve long-term resilience to climate shocks.

    Share. Facebook Twitter Pinterest LinkedIn Tumblr WhatsApp Email

    Related Posts

    Global stocks surge as US debt ceiling agreement brings relief

    May 29, 2023

    Global clean energy investment set to reach $1.7 trillion, overtaking oil production

    May 27, 2023

    European Investment Bank supports circular economy with €3.4 billion lending

    May 27, 2023

    Successful UAE-India partnership stands as a model of bilateral cooperation

    May 27, 2023
    Latest News

    From crisis to catastrophe: China’s potential 65 million COVID cases per week by June

    May 30, 2023

    Twitter’s legal woes mount as former PR firm files lawsuit for unpaid invoices

    May 30, 2023

    Global stocks surge as US debt ceiling agreement brings relief

    May 29, 2023

    India’s mastery in space: ISRO’s successful launch of Cartosat-3 satellite

    May 29, 2023

    Global clean energy investment set to reach $1.7 trillion, overtaking oil production

    May 27, 2023

    European Investment Bank supports circular economy with €3.4 billion lending

    May 27, 2023

    WHO report urges governments: prioritize food security over tobacco industry

    May 27, 2023
    © 2021 Syria News Flash | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.