Somali Magazine – On Thursday, Somalia’s President, Hassan Sheikh Mohamud, met with officials from the International Monetary Fund (IMF) and the World Bank in Washington, D.C., to express his gratitude for their assistance in obtaining debt relief for his country.
Somalia recently completed the Heavily Indebted Poor Countries (HIPC) Initiative, a debt-relief initiative for the world’s poorest and most indebted nations. According to the IMF, as a result, Somalia’s external debt was lowered from $5.2 billion to $557 million.
President Mohamud expressed gratitude to the IMF and the World Bank for their roles in this historic achievement, which he said will open new doors for Somalia’s development and stability. He also addressed with officials how their institutions could assist Somalia in achieving its economic goals, including as improving its financial institutions, boosting revenue, and attracting international investment.
Officials from the IMF and World Bank commended President Mohamud on Somalia’s progress and reaffirmed their commitment to assisting Somalia’s economic recovery and reform. They also underlined the significance of economic discipline, increasing openness and accountability, and boosting Somalia’s government and security.
President Mohamud’s tour to the United States included meetings with other top authorities and members of the Somali diaspora. President Mohamud expressed satisfaction with the outcome of his tour and the warm reception he received from his American counterparts. He expressed confidence that Somalia and the United States’ bilateral relations would be strengthened, as well as their cooperation on different matters of mutual concern.