By Dawan Africa - Reporter
Viena, Austria(Mogadishu24)-In a significant move to support Somalia's economic recovery, the OPEC Fund, Saudi Arabia, and Somalia have entered into a collaborative arrangement aimed at reducing Somalia's debt burden and restarting financing operations in the country. The transaction was signed by Dr. Abdulhamid Alkhalifa, President of the OPEC Fund, Mohammed Al-Jadaan, Minister of Finance of Saudi Arabia, and H.E. Bihi Iman Egeh, Minister of Finance of Somalia.
This agreement aligns with the IMF and World Bank's Enhanced Heavily Indebted Poor Countries (HIPC) initiative and includes several key elements designed to stabilize and boost Somalia's economy:
Minister Egeh emphasized that this agreement is a milestone in Somalia's ongoing debt relief negotiations, which are crucial for the country's macroeconomic stability and economic recovery. The agreement will also unlock new resources from the OPEC Fund for national development initiatives.
The collaborative efforts between Somalia, Saudi Arabia, and the OPEC Fund underscored the importance of international cooperation in addressing economic challenges and fostering sustainable development. This agreement is expected to pave the way for further economic growth and stability in Somalia.
