Most of Somalia\u2019s debt had built up during the era of Siad Barre\u2019s military dictatorship, which collapsed in the early 1990s and triggered a ruinous three-decade civil war.<\/p>\n
Somalia\u2019s president, Hassan Sheikh Mohamud, said the country had been \u201csuffocating under the huge weight of unsustainable debt\u201d as interest payments that could not be paid accrued \u201cduring the painful, prolonged period of state collapse\u201d.<\/p>\n
On Tuesday, the US and Somalia signed an agreement formalising debt cancellation worth $1.14bn.<\/p>\n
https:\/\/www.theguardian.com\/global-development\/2024\/nov\/06\/somalia-debt-relief-us-cancels-billion-dollar-loans-hipc?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Commitment by Mogadishu\u2019s largest single lender is latest in series of deals to forgive \u2018unsustainable\u2019 $4.5bn debt Most of Somalia\u2019s debt had built up during the era of Siad Barre\u2019s military dictatorship, which collapsed in the early 1990s and triggered … Continue reading