Somalia has 99% of debt cancelled in major boost for fragile recovery

Paris Club of creditor nations agrees $2bn cancellation as Mogadishu moves towards financial normalisation amid ongoing conflict

The Paris Club, a collection of some of the world’s wealthiest creditor nations, has announced the cancellation of 99% of Somalia’s debt, in a major boost as the country continues its fragile economic recovery from an ongoing three-decade conflict.

The announcement came after officials from Somalia’s finance ministry held meetings with creditor countries organised by the Paris Club, which is run by senior officials from the French Treasury.