The World Bank has commended the Government of Somalia for making progress in making the country eligible for full debt relief under the High Indebted Countries Initiative (HIPC).
In the next few months, the World Bank said that they will work closely with the government and the International Monetary Fund (IMF), to support Somalia in reaching the HIPC level of completing the debt forgiveness process.
The World Bank said the debt relief will be important to Mogadishu and help. to open new financial opportunities for the country.
“We have come a long way, and important development results have been achieved,” said Keith Hansen, director of the World Bank for Somalia, Kenya, Rwanda and Uganda, speaking at a meeting in Mogadishu, the capital of Somalia.
Keith Hansen said that the government of Somalia and the World Bank are required to continue working together to ensure that the loan forgiveness is quickly implemented.
This statement came after the Ministry of Finance hosted a meeting to review the work performance of the country that lasted for two days with fruitful discussions between the Bank and the heads of the government and the member states of the federation including the implementation of the projects.
According to the World Bank, the meeting came at an opportune time as the country moved towards the completion of debt forgiveness.