Somalia

Updated: December 13, 2023

On December 13, 2023, the Executive Boards of the International Monetary Fund (IMF) and the World Bank's International Development Association (IDA) approved Somalia’s Completion Point under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. Debt relief will help Somalia make lasting change for its people by irrevocably reducing its external public debt from US$5.3 billion at end-2018 to US$0.6 billion at end-2023.