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Somalia has 99% of $2bn debt cancelled in major boost to fragile recovery

Somalia has 99% of bn debt cancelled in major boost to fragile recovery

Paris Club of creditor nations agree cancellation as Mogadishu moves towards financial normalisation amid ongoing conflict

The Paris Club, a collection of some of the world’s wealthiest creditor nations, has announced the cancellation of 99% of Somalia’s debt, in a major boost as the country continues its fragile economic recovery from an ongoing three-decade conflict.

In a statement released by the Paris Club, which is run by senior officials from the French Treasury, Somalia’s creditors, including the US, UK, Russia, Norway, and Japan, announced the cancellation of $2bn owed to club members as of January 2023.

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