ANKARA
Turkey is contributing to debt relief to Somalia by pledging around 2.4 million in Special Drawing Rights (SDR), an IMF reserve currency, the country’s Official Gazette announced on Thursday.
The move comes under the Heavily Indebted Poor Countries (HIPC) Initiative, a World Bank and IMF-created framework to help provide debt relief to the world’s poorest and most heavily indebted countries.
Turkey is involved in the international initiative by granting the SDR currency to an administered account for Somalia, which provides a vehicle to facilitate fund raising and delivery on Somalia’s accumulated debt to the financial body.
According to Turkey’s Official Gazette, this March, the IMF and the World Bank approved the Horn of Afric…
Read the full article at: https://www.aa.com.tr/en/africa/turkey-helping-pay-down-somalias-imf-debt/2034992
