Somalia leaders to call for debt cancellation

Somalia leaders to call for debt cancellation

On Friday this week Somalia’s Finance Minister Abdirahman Beileh are set to call on the international community for debt cancellation, said Jubilee USA Network.

On Friday morning Somalia’s Finance Minister, Jubilee USA head – Eric LeCompte, the African Development Bank and Save Somali Women and Children will participate in the forum at the US Institute of Peace.

The war-torn African nation wrestles with a $4.6 billion debt. In Somalia, 60 percent of the 15 million population lives in extreme poverty. almost 10 million people live in extreme poverty or close to poverty in Somalia, according to the United Nations Development Programme.

“In the face of such terrible suffering, Somalia’s debt must be eliminated as soon as possible,” noted Jubilee USA Executive Director Eric LeCompte who serves on United Nations debt expert groups. “Eliminating Somalia’s debt means an immediate investment to reduce extreme poverty in the country.”
Somalia owes more than $4.6 billion in debt. The United States, France, Italy, the IMF and World Bank hold the highest levels of Somalia debt.

“Humanitarian concerns and global political will are coming together to relieve Somalia’s debt,” stated LeCompte. “The situation is so extreme in Somalia and we need immediate debt relief.”
American Friends Service Committee, the Somalia NGO Consortium, Somalia Working Group, Jubilee USA Network and the African Faith and Justice Network are sponsoring the event.

Jubilee USA Network is an alliance of more than 75 US organizations and 650 faith communities working with 50 Jubilee global partners. Jubilee USA builds an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA wins critical global financial reforms and won more than $130 billion in debt relief to benefit the world’s poorest people.