WAM
09 Apr 2025, 22:33 GMT+10
KUWAIT, 9th April, 2025 (WAM) -- The Arab Monetary Fund (AMF) announced the signing of a Memorandum of Understanding (MoU) with the Federal Republic of Somalia aimed at restructuring Somalia's outstanding debt to the Fund.
The agreement seeks to ease the country's financial burdens and support its continued path of economic reform and sustainable development.
The MoU was signed in Kuwait on the sidelines of the annual meetings of the joint Arab financial institutions.
Dr. Fahad bin Mohammed Al Turki, Chairman of the Board of the Arab Monetary Fund, reaffirmed the Fund's commitment to supporting its member states and fostering an environment conducive to economic stability and growth.
Somalia's debt to the Fund has spanned more than four decades. The restructuring comes in line with the AMF's new strategy focused on supporting Arab countries.
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