Debt relief allows Somalia to rejoin global economy after 30-year exile

IMF and World Bank sign off $5bn in assistance with help of bridge financing from Norway, Italy, the UK and the EU

Somalia's debt will be slashed to a fraction of its current levels after almost $5bn (4.1bn) of assistance was approved by the International Monetary Fund and World Bank.

A joint statement from the global financial institutions praised Somalia's efforts at economic reform, allowing it to qualify for a debt relief programme and reintegrate into the global economy after 30 years.