Somalia

Somalia on Wednesday secured a $4.5 billion debt relief deal from its international creditors, the International Monetary Fund and World Bank said, which will allow the nation to develop economically and take on new projects, the Associated Press reported. The deal comes as part of a debt forgiveness program —called the Heavily Indebted Poor Countries initiative— overseen by both organizations.

Somalia is expected to get major debt relief this week, slashing its debt-to-GDP ratio to less than 6% in a historic move that would allow it to rejoin the international financial system after roughly 30 years, Reuters reported. The war-scarred East African country is set for the relief under the World Bank and International Monetary Fund's (IMF) Heavily Indebted Poor Countries (HIPC) Initiative. An IMF media advisory on Monday said Somalia was scheduled to reach the "Completion Point" under HIPC on Dec. 13, calling it "a major milestone in its development path".