Late on Thursday, the 13th of February 2020, World Bank alongside its Washington-based sister organization International Monetary fund, accountable for overseeing economic cooperation and fostering economic growth of developing and emerging countries, made a public announcement saying that they had been hauling a historic step to forgive Somalia’s $5.3 billion in debts adding a final decision could be reached as early as by March this year.
Besides, the Executive Boards of the World Bank and IMF (International Monetary Fund) had agreed on respective meets of February 13th and February 12th that the east-African nation, Somalia, which had survived nearly two decades of civil war by depending mostly on agriculture and livestock, could be eligible for assistance under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative according to a preliminary assessment, while the two of the world’s largest financiers said in a joint statement on Friday (February 14th), “This assessment is an important step towards forgiveness of most of Somalia’s debt, which measured $5.3 billion at the end of 2018.
” Besides, followed by the announcement, Somalian Finance Minister Abdirahman Beileh had welcomed the news and said to the local media, “It’s indeed a historic moment. Proud day. We remain committed to reforms & sustainable development,” though questions were raised about the timing of the measure, as Saudi alongside the United States, which have been in a combined battle in the Gulf against Iran and Iran-backed Yemeni Houthis alongside a verbal war against Iraq, an access to the “Gulf of Aden” that bordered Somalia with Yemen in the north, could hold a key to corner the Iran-backed Yemeni Houthis alongside an Iraqi cabinet which had recently voted to pass a bill that ordered a removal of all foreign soldiers from Iraq.