DJIBOUTI (Halbeeg News)-Inter-Governmental Authority on Development (IGAD) has lauded African Union’s move to push Somalia’s bid to cancel its international debts.
In a statement, the trade bloc said the cancellation of the debts would help Somalia recover its economy.
Mahboub Maalim, executive secretary of IGAD, called on the African countries to stand with Somali government rebuild its country.
“The Executive Secretary views debt cancellation as a means towards enhancing peace, security, development and durable solutions for displaced Somalis,” Maalim said in a statement.
“Somalia’s efforts at peace consolidation are constrained by the debt burden that prevents it from accessing concessionary financing and normalizing relations with International Financial Institutions (IFIs),” he added.
Maalim expressed his unwavering support to the AU call in regards to the “IFIs that have pledged financial support, to step up their good faith efforts and accelerate the normalization of financial relations with Somalia.”
“The regional bloc’s support to Somalia’s journey to peace and lasting development, and Somali people deserve a peaceful and prosperous Somalia; therefore, it is necessary to work on Somalia’s recovery,” he said.
He concluded that a normalized Horn of African nation would be a significant player towards regional integration.
Abdirahman Dualeh Beileh, Minister of Finance of Somalia said that his government is looking for the full cancellations of the country’s foreign debt to be effective.
He said the required documentation would be submitted and processed by the end of this year.
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