The President of Somalia, Hassan Sheikh Mohamud, met with officials from the International Monetary Fund (IMF) and the World Bank in Washington, D.C., on Thursday, to express his gratitude for their support in securing debt relief for his country.
Somalia recently completed the Heavily Indebted Poor Countries (HIPC) Initiative, a program that provides debt relief to the world’s poorest and most indebted countries. As a result, Somalia’s external debt was reduced from $5.2 billion to $557 million, according to the IMF.
President Mohamud thanked the IMF and the World Bank for their role in this historic achievement, which he said would open new opportunities for Somalia’s development and stability. He also discussed with the officials how their institutions could help Somalia in pursuing its economic objectives, strengthening its financial institutions, increasing its revenue and attracting international investment.
The IMF and the World Bank officials congratulated President Mohamud on Somalia’s progress and reiterated their commitment to supporting Somalia’s economic recovery and reform. They also emphasized the importance of maintaining fiscal discipline, enhancing transparency and accountability, and improving governance and security in Somalia.
The meeting was part of President Mohamud’s visit to the United States, where he also met with other senior officials and members of the Somali diaspora. President Mohamud said he was pleased with the outcome of his visit and the positive response he received from his American counterparts. He said he hoped to strengthen the bilateral relations between Somalia and the United States and to enhance their cooperation on various issues of mutual interest.
