The Federal Government of Somalia and its international partners gathered
in the country’s capital for the second day taking part in the 2019 Somalia
Partnership Forum (SPF) – an opportunity for all concerned to take stock of the
progress made by the country as well as agree on priorities ahead.
The Somalia Partnership Forum details the joint commitments of Somalia and
its international partners in the areas of political reforms, security,
economic development, and recovery and humanitarian assistance, as the country
rebuilds after decades of armed conflict and climate-related shocks.
Prime Minister Hassan Ali Kheire has met officials from the International Monetary Fund, world bank and other key western allies to Somalia who are attending the 2019 Somalia Partnership Forum.
Prime minister Hassan Ali Kheire convened the meeting to discuss Somali’s debt and how to pardon it. As part of the debt relief process, Prime minister Hassan Ali Kheire cited the IMF monitors progress made by the Somali government and noted in February that over the past two years, “growth has rebounded, inflation has slowed, and the trade deficit has narrowed.” That makes now a good time to implement debt cancellation.
The Prime Minister of Somalia Hassan
Ali chaired the meeting agenda discussed plans about debt relief for the
country attended by representatives of countries with debt from Somalia, the
World Bank and the Monetary Authority.
Attendees of the conference, which is part of the Somali Co-operation
Conference, praised the Somali government’s commitment to the success of the
country’s debt consolidation plan.
Somali’s Finance minister Abdirahman Beilah Duale said the meeting which was held in the capital Mogadishu was an important step towards Somalia’s debt relief.
The country continues to endure violence,
extreme poverty, acute food shortages, political instability, economic
underdevelopment, human rights abuses, and recurring natural disasters, such as
droughts and floods that lead to famine.
After years of armed conflict, Somalia
remains one of Africa’s most troubled and underdeveloped countries. As of June 30, 2018: • 3.6 million Somalis are displaced 2.6
million internally and almost one million forced to leave the country.
Somalia’s allies have been urged to support the cancellation of the debt because by canceling Somalia’s debt, the government will be able to address humanitarian crises, prevent violence, and build shared security both within and outside of the country.
The World Bank and International Monetary
Fund (IMF) have been asked to take major steps to provide debt relief to
Somalia, which would help the country access more credit to invest in
infrastructure, schools, and employment opportunities for young people.
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