Somalia Granted $4.5 Billion in Debt Forgiveness

A woman, who fled amid a drought, carries her baby at a makeshift camp for displaced people on the outskirts of Mogadishu, Somalia on Tuesday, Sept. 26, 2023.

The International Monetary Fund and the World Bank approved $4.5 billion in debt forgiveness for Somalia Wednesday after the Horn of Africa nation completed years of financial reforms under the Heavily Indebted Poor Countries Initiative, or HIPC.