Somalia in talks with IMF and World Bank on debt forgiveness program

The Somalia Finance Minister Dr. Abdirahman Duale Beyle is in Washington DC for a series of high-level meetings with IMF, World Bank officials and senior members of the State Department.
The Minister is accompanied by the Ambassador of the Federal Government of Somalia to Washington, Ambassador Ali Sharif Ahmed.

He said that the meetings will focus on accelerating the country’s Debt Forgiveness program, which is important for Somalia’s economic recovery. The minister also said they are committed to advancing the debt-forgiveness process in Somalia which they have come a long way through.

Somalia’s debt levels hit the roof in 2020 due to the COVID-19 pandemic. The Somalia Minister of Finance announced during that period that his government had lost about $200 million in revenue due to the crisis and that they are holding talks with the World Bank to help alleviate the problem.