By Decision of Erdogan Turkey Pays Somalia’s Overdue Debts to the IMF

And it came in a presidential decree issued by President Recep Tayyip Erdogan, andPublished in the Official Gazette, That “Turkey used the cash in the reserves of the International Monetary Fund, amounting to 2.4 million shares accumulated in the accounts (special drawing rights), to pay the debt accumulated on Somalia to the International Monetary Fund.”The decision, called the “International Agreement”, entered into force on November 5, and within the scope of Law No. 4749 related to public finance regulation and debt management.

The decision stipulates that Turkey use its drawing rights in its reserve accounts with the International Monetary Fund, equivalent to about $ 3.5 million, to repay Somalias accumulated debts with the International Monetary Fund.

International Monetary Fund.

Turkey is one of the 116 countries that support the contribution to debt relief within the framework of the Heavily Indebted Poor Countries Initiative, a working mechanism established by the World Bank and the International Monetary Fund to help relieve the debt burden of the world’s poorest and most indebted countries.

Thanks to this initiative, Somalia will be able to obtain new financial resources from international donors, as part of the economic reforms it seeks.

Somalia expressed his “gratitude” for Turkey’s support, and Justice Minister Abdul Qadir Muhammad Nur said, via Twitter: “My heart was grateful to Turkish President Recep Tayyip Erdogan for his continued support to Somalia.”

He pointed out that “Turkey remains a strong ally for Somalias progress and support for its economic reforms.”

According to the International Monetary Fund, nearly 70 percent of Somalis live on less than $ 1.90 a day.

During the past years, Turkey has provided a lot of humanitarian, medical and military aid to Somalia, especially during the outbreak of the new Corona virus.