debt

In a significant legislative move, the House of Representatives has granted approval for President Bola Tinubu's proposal to secure an external loan of $516.3 million aimed at constructing key segments of the Sokoto-Badagry superhighway. This ambitious project, spanning approximately 1,000 kilometers, is set to connect the states of Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos, commencing in Illela, Sokoto, and culminating in Badagry, Lagos. This green light comes on the heels of robust recommendations from various…

Riyaz ul KhaliqSaturday April 25, 2026 Pakistan said Friday that it has fully repaid $3.45 billion in debt to the United Arab Emirates, marking the clearing of a major external obligation for the cash-strapped economy. In a statement, the State Bank of Pakistan said it had returned a $1 billion deposit to the Abu Dhabi Fund for Development (ADFD), UAE. “Deposits of $2.45 billion were repaid last week. This completes the repayment of total deposits of $3.45 billion to the UAE,” the central bank said. The repayment comes at a…

Mozambique has wiped out its arrears to the International Monetary Fund, settling U.S. $630,1 million in full by month’s end after beginning the month owing the entire amount. Among 85 countries listed by the Fund, Mozambique is the only country in this situation. With the IMF arrears cleared, securing additional financing from the Fund could become easier. The country previously received about $468 million through a 2022 Extended Credit Facility programme, which was suspended in April 2025 after only partial disbursements.…

Sovereign debt crisis imperils developing economies as G20 gathers in Johannesburg Global economic experts are raising the alarm: sovereign debt in many developing countries, especially across Africa, has reached a critical stage and risks triggering wider instability if left unaddressed. With G20 leaders preparing to meet in Johannesburg this month, analysts say the summit is an urgent opportunity for coordinated action on debt sustainability and finance for development. The warning follows reporting that many low- and…

In a key move for Somalia's financial future, Finance Minister Bihi Iman Egeh inked a pivotal debt relief deal with Denmark's representative, Ambassador Steen Sonne Aderson, in the bustling city of Mogadishu on a vibrant Monday. This latest agreement reflects the positive outcomes from the notable discussions held by the Paris Club back in March 2024, another feather in the cap of Somalia’s ongoing economic reform crusade. The ministry enthusiastically declared, "The national reform efforts and debt forgiveness successes…

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…

Nairobi, AX — Somalia's government made waves on Thursday, announcing a significant milestone in their quest for economic stability. They've struck a deal with Japan to wipe out $100 million in debt, a move that aligns with their broader push for economic progress and debt resolution. Somalia's Finance Minister, Bihi Egeh, joined forces in Nairobi with Japanese Deputy Head of Mission Ogihara Hiroshi to seal this landmark arrangement. This act marks a substantial leap in Somalia’s debt cancellation journey. As Finance…

In a significant move, Somalia has announced the cancellation of over $1.1 billion in loans, roughly a quarter of their outstanding debt. Wow, isn't that a breath of fresh air? This declaration follows a string of similar commitments by lenders, freeing Somalia from financial shackles. The burden originated chiefly during Siad Barre's authoritarian rule, the aftermath of which led to civil chaos lasting three decades. The saga of heavy debt continued to loom large until now. President Hassan Sheikh Mohamud described the…

U.S. Approves Over a Billion Dollars for Somalia's Debt Forgiveness as Trump Wins Election MOGADISHU, Somalia - In a move cloaked under the shadow of Donald Trump's electoral triumph, the United States endorsed a hefty $1.14 billion debt relief package for Somalia. This development follows the East African nation's rigorous economic and financial reforms. This financial respite, officials disclosed, intends to…

In the bustling city of Mogadishu, there's a breath of fresh air as the U.S. has lifted a heavy burden off Somalia's shoulders. A staggering $1.14 billion in debt has been forgiven, setting the stage for the nation to rebuild its economy and strengthen vital public services. During a spirited announcement, U.S. Ambassador to Somalia, Richard Riley, highlighted this decision as a testament to America’s solid dedication to Somalia's promising future. "With this debt forgiveness, we're showing our steadfast support for the…