Somalia’s Finance Minister, Bihi Iman Cige, attended the 18th meeting of Horn of Africa Finance Ministers yesterday in Addis Ababa, Ethiopia. According to Somali media, the ministers discussed economic development and cooperation in the financial field with the implementation of plans for free trade beyond the borders of East African countries.
Somalia’s participation “is critical for investment and economic prospects in the countries of the Horn of Africa,” Cige said in his speech at the ministerial meeting.
Ethiopia’s Finance Minister Ahmed Shide, who is the chair of this year’s Horn of Africa initiative, praised Somalia’s government for its debt relief efforts.
Somalia will benefit from full debt relief from the International Monetary Fund (IMF) and other multilateral lenders by the end of this year, as reforms to increase tax collection and fiscal transparency begin to bear fruit .
The country reached the decision point for IMF debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative in March 2020, which saw its debt stock reduced to $3.7 billion, from the 5.2 billion dollars accumulated up to December 2018. [Da Redazione InfoAfrica]