Somali Foreign Minister Calls for Debt Cancellation
During the 32nd annual AU summit, the Somali government lobbies for a debt cancellation for war-ridden Somalia to improve infrastructure and lives of displaced peopleFebruary 12th, 2019
The 32nd annual African Union summit, taking place in Addis Ababa, runs under the theme of “Year of Refugees, Returnees and Internally Displaced: Durable Solutions for Forced Displacement in Africa”. Welcoming the theme, Somali Foreign Minister believes that an international debt cancellation is a crucial means to financially support displaced Somalis.
Ahmed Isse Awad, Somali Foreign Minister, welcomes the efforts by African governments and NGOs to lobby for an international debt cancellation for Somalia. Due to civil wars and unrests, the country’s infrastructure is largely destroyed and needs to be improved. Besides health and educational infrastructure, Awad also hopes to improve the situation of the many externally and internally displaced Somalis. A debt cancellation could therefore help Somalia to focus on a durable solution for forced displacement in Africa, as sought by this year’s summit.
In order to qualify for a debt cancellation at the IMF, Somalia needs to prove its progress towards fiscal reforms and stability. According to many African leaders and officials of the African Union, Somalia is on the right track and is qualified for the cancellation. If the cancellation is granted in the near future, Commissioner for Economic Affairs of the African Union, Victor Harrison, believes that investors will regain confidence in the country, and Somalia will be able to provide its citizens with improved infrastructure and long-term economic growth.