Somalia: Bangladesh Offers to Pay Part of Somalia’s Debt to IMF

Bangladesh has agreed partially pay to the International Monetary Fund (IMF) as debt relief for Somalia under the Heavily Indebted Poor Countries (HIPC) Initiative, as per a letter sent by the finance ministry yesterday to the Washington-based multilateral lender.

Somalia, a majority Muslim nation just like Bangladesh, is among the top ten poorest countries of the world.

“Therefore, Bangladesh’s international image would benefit from the grant,” said a finance ministry official.

The country’s bid to help the war-torn nation comes after IMF Managing Director Kristalina Georgieva wrote to Finance Minister AHM Mustafa Kamal, the IMF governor of Bangladesh, in December last year seeking Special Drawing Right (SDR) 0.70 million, or Tk 8.21 crore.