MOGADISHU (Halbeeg News) – The International Fund for Agricultural Development (IFAD) has cleared that Somalia’s external debt with this institution thanks to the support of four European Union countries.
Donal Brown, the assistant vice president of the institution on Tuesday announced the decision as the horn of Africa nation still struggles to overcomes impacts fifive severe droughts that have fully impacted the ability to produce food in the country.
Italy, Germany, Belgium, and Sweden have carried out actions that accelerated IFAD to clear Somalia’s debts to the institution.
IFAD President Alvaro Lario said during a press conference held jointly with Somali President Hassan Sheikh Mohamud said the decision to forgive the debt will allow IFAD to reinvest in improving living conditions in rural areas and foster “resilience and a more prosperous future” for the country’s population.
iFAD leader added the debt cancellation “represents an opportunity to achieve greater food security for Somalia, investing very selectively in priority areas,” he added.
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