The Executive Secretary of the Intergovernmental Authority on Development or IGAD welcomes African Union or AU decisions of the 32nd Ordinary Session of the Assembly to call for cancellation of Somalia’s debt.
Ambassador Mahboub Maalim views debt abolition as a means to enhance peace, security, development and durable solutions for displaced Somalis.
He pointed out that this would improve lives of Somalis who have been adversely affected by three decades of unfavorable conditions.
‘Somalia’s efforts at peace consolidation are constrained by the debt burden that prevents it from accessing concessionary financing and normalizing relations with International Financial Institutions’, the Executive Secretary stated.
He expressed his full support to the AU call to the International Financial Institutions that have pledged support to step up their efforts and accelerate the normalization of financial relations with Somalia.
Ambassador Maalim reiterated IGAD support to Somalia’s journey to lasting peace and development.
He recalled that ‘Somali people deserve a peaceful and prosperous country and that normal Somalia ‘will be a major player to regional integration in the sub-region.