Paris Club Creditors Agree to Cancel $2 Billion of Somali Debt

The world’s richest nations agreed to cancel more than $2 billion of Somalia’s liabilities to help the war-torn nation restore debt sustainability.

The Paris Club creditors agreed to scrap $1.2 billion in debt, under the International Monetary Fund and World Bank Enhanced Heavily Indebted Poor Countries Initiative and are willing to grant additional relief on a voluntary and bilateral basis of $815 million, they said in a statement on their website