Sir, David Pilling draws attention to the overwhelming case for Somalia to receive debt relief (Somalia calls for acceleration of debt forgiveness to help fight terrorism, January 8). Of one thing we can be certain: without a clearance of debt arrears, Somalia will remain trapped in a cycle of drought, poverty and humanitarian crisis.
Simple arithmetic and moral imperatives combine to make the case for decisive international action. On any credible assessment, Somalias $4bn in accumulated debt stock is unpayable. More than 90 per cent of this stock is accounted for by arrears on debts incurred during the early 1980s, well before the majority of Somalias curre…
Read the full article at: https://www.ft.com/content/fe840ea6-f4a3-11e7-8715-e94187b3017e
