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…