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President Farmaajo welcomes Somalia’s debt relief success

Thursday March 26, 2020

The President of the Federal Republic of Somalia, Mohamed Abdullahi Farmajo, has conveyed his congratulations to the government and citizens of Somalia following the historic milestone witnessed in the debt relief program and reaching HIPC decision point after nearly three decades.

H.E President Farmaajo further commended the high-level cooperation between the FGS and Financial institutions especially the World Bank, International Monetary Fund and African Development Bank Group while also reiterating the administration’s commitment towards sustained economic recovery efforts as it headed towards becoming a member of the Multi-Lateral Investment Guarantee Agency to attract more investors to Somalia while assuring them of the fate of their investment in the country.

“I applaud all our efforts especially restructuring our national financial systems over the last three years. This historic decision which henceforth enables our country to re-engage with the world’s financial institutions, is as a result of the tireless efforts to grow our economy and enhance financial prosperity.”

Furthemore, President Farmajo expressed his gratitude to international and regional financial institutions such as the World Bank, the IMF and the African Development Bank.

H.E President Farmaajo also acknowledged the critical input of the support from friends and partners of Somalia such as Norway, United Kingdom, Italy, Qatar, and the European Union for their continued support towards the recovery of Somalia’s economy.

H.E President Farmaajo commended members of the Cabinet led by the Prime Minister Hassan Ali Khayre and the Finance Minister Hon. Abdirahman Duale Beyleh.

“This success and victory has been achieved through three years of sustained cooperation and political stability which has allowed our government institutions to focus on service delivery to our people .”

Finally, H.E President Farmaajo thanked the Speakers and Members of both houses of Parliament, businesses stakeholders and the general public of Somalia for their unity and solidarity in reaching the goal of debt consolidation and economic recovery.


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