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Norway assists Somalia en route to debt relief

Norway is assisting Somalia en route to debt relief, with the Norwegian government providing $20 million to the Somali Debt Relief Trust Fund. The assistance comes as Somalia is working with the International Monetary Fund (IMF) on a three-year Extended Credit Facility arrangement, which will help the country build fiscal buffers, strengthen public financial management, and reduce poverty.

The $20 million contribution from Norway will help Somalia clear its arrears to the IMF, paving the way for the country to benefit from debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative. Norway's Minister of International Development Nikolai Astrup said that the contribution "will help Somalia to get on a sustainable development path and pave the way for the country to benefit from international debt relief." "This is an important step in the right direction for Somalia. Debt relief will free up resources that can be used to invest in health, education, and infrastructure," he added.

The IMF's Executive Board is expected to consider Somalia's request for debt relief under the HIPC Initiative in the first half of 2019. Somalia is one of the world's poorest countries, with a per capita income of just $600 and an unemployment rate of over 70 percent. The country is also grappling with the impact of climate change, with droughts and floods becoming more frequent and severe.

The $20 million contribution from Norway will help Somalia clear its arrears to the IMF, paving the way for the country to benefit from debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative. Norway's Minister of International Development Nikolai Astrup said that the contribution "will help Somalia to get on a sustainable development path and pave the way for the country to benefit from international debt relief." "This is an important step in the right direction for Somalia. Debt relief will free up resources that can be used to invest in health, education, and infrastructure," he added. Check out Norway loans for more information

The IMF's Executive Board is expected to consider Somalia's request for debt relief under the HIPC Initiative in the first half of 2019. Somalia is one of the world's poorest countries, with a per capita income of just $600 and an unemployment rate of over 70 percent. The country is also grappling with the impact of climate change, with droughts and floods becoming more frequent and severe. Climate change is also exacerbating the effects of poverty in Somalia, with extreme weather events leading to displacement, loss of livelihoods, and increased needs for humanitarian assistance. The Norwegian government has been a longstanding supporter of Somalia, with Norway providing $100 million in development assistance to the country since 2013. In addition to the $20 million contribution to the Somali Debt Relief Trust Fund, Norway has also provided $5 million to the Somalia Emergency Appeal of the United Nations Office for the Coordination of Humanitarian Affairs (OCHA).