Arab Monetary Fund and Somalia Sign MoU on Debt Restructuring
As part of ongoing efforts to support member countries and promote financial stability, a Memorandum of Understanding was signed between the Arab Monetary Fund and the Federal Republic of Somalia. The MoU aims to restructure the debt owed by Somalia to the Fund, thereby contributing to easing the financial burden and strengthening Somalia’s ability to stay on course with economic reform and sustainable development.
H.E. Dr. Fahad M. Alturki, Director General Chairman of the Board of the Arab Monetary Fund, affirmed the AMF’s commitment to supporting its member countries and facilitating an environment conducive to achieving economic stability and growth.
It is worth noting that Somalia’s debt has spanned over 40 years, and this adjustment is part of the AMF’s new strategy aimed at supporting Arab countries.