US cancels $1.1bn of Somalia’s debt in ‘historic’ financial agreement
by Faisal Ali from on (#6S10D)
Commitment by Mogadishu's largest single lender is latest in series of deals to forgive unsustainable' $4.5bn debt
Somalia has announced that more than $1.1bn (860m) of outstanding loans will be cancelled by the US, a sum representing about a quarter of the country's remaining debt.
The announcement is the latest in a series of agreements in which Somalia's creditors have committed to forgiving its debt obligations.
Continue reading...