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IMF To Accelerate Somalia Debt Relief  

IMF To Accelerate Somalia Debt Relief  

International Monetary Fund (IMF) Managing Director  Christine Lagarde has pledged to push for speedy relief of debt on Somalia.

Lagarde met with Somalia Prime Minister Hassan Kheire on Tuesday in Davos on the sidelines of the World Economic Forum.

"I had a very constructive meeting with Somali PM Hassan Ali Khayre in Davos today” Lagarde tweeted after the meeting.

"Somalia’s debt relief is a priority for the IMF and every effort is being made to accelerate the process within established procedures’ the IMF Chief said.

"We exchanged views on the way forward for our country's endeavor to get a debt relief” PM Kheire later tweeted.

“Was pleased with the positive and encouraging atmosphere of my meeting with the IMF Chief  and her support for Somalia's need for an accelerated process within the IMF standards” PM Kheire later tweeted.

He termed the meeting "very fruitful”he added.

Somalia economy has been on the rise according to IMF with its growth  projected to increase from 1.8% to 2.5% in 2018.

However the Horn of Africa is struggling with the heavy burden of external debt  approximated to be at  $ 5.2 billion.

Somalia has not serviced its debt since the civil war broke in 26 years ago.