IMF says has financing to provide $334 million in debt relief to Somalia

FILE PHOTO: The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., as IMF Managing Director Christine Lagarde meets with Argentine Treasury Minister Nicolas Dujovne September 4, 2018

The International Monetary Fund said on Wednesday it had secured sufficient financing to provide $334 million in debt relief to Somalia, a milestone the bank said brought it one step closer to a decision on forgiveness of most of Somalia’s $5.3 billion in debt.

Over 100 IMF member countries had pledged the financing, the lender said in a statement. The World Bank and the IMF said on Feb.14 that a final decision on debt forgiveness was possible by the end of March.

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