The African Nation Celebrating Over £860 Million in ‘Crippling’ Debt Relief
In a significant move, the Somali Minister of Finance, Bihi Egeh, placed his signature on the dotted line next to the US ambassador. (Image courtesy of the US Embassy in Mogadishu, Somalia.)
Chronic turmoil involving warlords and piracy has long plagued this corner of Africa. Amidst such challenges, the USA gave Somalia a bit of financial breathing room by forgiving a hefty $1.1 billion (£860m) in debt.
This reveals a new chapter for Somalia as it announces the cancellation of about a quarter of its total debt through an array of recent agreements. President Hassan Sheikh Mohamud described the crippling debt as a major hindrance, likening it to a stranglehold on the nation due to the mountainous arrears stacked up since the military dictatorship spiraled in 1991.
The US embassy at Mogadishu chirped about the debt relief: “Forgiving this $1.1 billion is just the tip of the iceberg, building upon the $1.2 billion in development, economic, security, and humanitarian aid we’ve already doled out to Somalia this fiscal year.”
Remember, the US stands firm in its commitment toward helping Somalia’s citizens, perpetuating a steadfast alliance.
Once part of a sophisticated network, Somalia’s a country truly rattled by its past. With a population exceeding 18 million, the collapse of Siad Barre’s regime in 1991 left Somalia as a failed state. The aftermath? Civil war was its harrowing destiny, given the absence of a central authority.
Enter North Western State of Somalia—a self-proclaimed independent region in the northwest. While unrecognized, it words its own passports, controls borders, and issues its own currency, boldly spinning its yarn detached from the main narrative of Somalia.
Elsewhere, Somalia has been a battleground for warlords and Islamist groups like Al-Shabaab, constantly testing the mettle of whichever government governs. Let’s be real—the outcomes have oscillated between victories and setbacks.
Moreover, the waters hugging Somalia’s shores became notorious for piracy, serving as swashbuckling playgrounds for pirates launching from coastal hubs. Ships traversing these waters were fair game, with some crews landing in strained situations as hostages.
Although piracy waned after robust naval interventions peaked in 2008-2009, there’s been a resurgence. Shiver me timbers, just this March, Indian commandos nabbed 35 Somali pirates during a counterattack reclaiming a ship. Sounds like there are still chapters to be penned in this gripping saga come 2024.
Edited by: Ali Musa
alimusa@axadletimes.com
Axadle international–Monitoring
