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United Kingdom Fully Cancels Somalia's Historic Debt, Paving the Way for Economic Growth

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In a significant stride toward Somalia's economic revitalization, the United Kingdom has announced the complete cancellation of Somalia's historic debt through the Highly Indebted Poor Countries (HIPC) Initiative. Deputy Ambassador Sam Thomas conveyed this transformative decision during a meeting with Minister of Finance Bihi Iman Egeh in Mogadishu on Tuesday.

"Today I confirmed to Finance Minister Bihi that the UK has cancelled 100% of Somalia's historic debts. As Somalia's debt relief champion, we are committed to helping attract investment and grow the Somali economy," stated the UK embassy in Mogadishu, underscoring their dedication to fostering investment and stability in Somalia.

The cancellation of Somalia's debt comes as a pivotal development following the Paris Club's decision last month to cancel 99% of Somalia's debt. The Paris Club, comprising some of the world's wealthiest creditor nations, has played a crucial role in supporting Somalia's journey towards economic recovery amidst the challenges posed by a protracted three-decade conflict.

During last month's discussions, Somalia's creditors, including the US, UK, Russia, Norway, and Japan, resolved to cancel approximately $2 billion in debts owed to club members as of January 2023. This substantial debt relief not only alleviates the financial burden on Somalia but also signifies a vote of confidence in the nation's efforts to build a secure and stable future.

Minister of Finance Bihi Iman Egeh lauded the UK's decision as remarkable, emphasizing its alignment with the progress achieved during the recent Paris Club discussions. With the complete cancellation of historic debts, Somalia is poised to attract investment, stimulate economic growth, and embark on a path towards sustainable development.

The debt cancellation initiatives led by the United Kingdom and the Paris Club exemplify the international community's commitment to supporting Somalia's aspirations for prosperity and stability. As Somalia continues to navigate its economic recovery journey, the solidarity and cooperation of global partners remain instrumental in overcoming challenges and realizing its full potential.

This significant milestone marks a new chapter in Somalia's economic trajectory, offering renewed hope and opportunities for its people. With debt relief paving the way, Somalia stands ready to seize the possibilities of a brighter future, built on the foundations of resilience, partnership, and progress.

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