Economy Arab Monetary Fund gives Somalia $307m of debt relief By Pramod Kumar April 10, 2025, 4:29 PM Arab World Press via Reuters Connect Shoppers at Bakaro market in the Somali capital, Mogadishu. Somalia is working to reduce its debt burden The Abu Dhabi-based Arab Monetary Fund (AMF) has signed a $307 million debt relief agreement with Somalia to support the African country’s economic reform programme. The agreement covers the restructuring of the debt owed by Somalia to the AMF, the 22-nation-backed fund said in a statement, without giving any further details. Somalia’s finance minister Bihi Egeh said the agreement was crucial to the country’s debt relief efforts and fundamental to reengagement with the fund to achieve economic growth, Somalia’s state news agency Sonna reported. IMF loans Morocco $4.5bn to support economy Oman spends a quarter of its budget on defence Plans to bring African energy to Europe face big challenges Last year Somalia secured the cancellation of almost all its debt owed to the “Paris Club” members, an informal group of 22 creditor nations, primarily Western countries. In 2023, the International Monetary Fund and the World Bank announced $4.5 billion of debt relief for Somalia under the Heavily Indebted Poor Countries initiative. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
