Erdogan: Turkey will erase Somalias debts to IMF
- Thread starter kickz
- Start date
I thought the IMF already cancelled the debt?
We became eligible for debt relief, but total balance was not finished. IE we basically got our credit accounts unblocked and a portion of the debt erased.
AbdiGeedi
To keep your balance, you must keep moving.
Any idea how much Somalia owns to the IMF after deducting the debt relief portion?
From what I can remember, it was reduced from 5 billion to around 2 billion. Need to look into this though as there's settlements with both World Bank and IMF
Amazonian
Cirka Gacan Saarte 💪🏾🇸🇴
I'll take Turkey over anyone else at this point. Turkey sees an opportunity to help Somalia at its weakest point do to its tactical and strategical location. The religion and the past relations between Somalis and Ottomans also plays an important role in establishing Turkeys prominent role as Somalias favorite and best ally.
The things Turkey is doing in Somalia has surpassed forgein diplomacy. Our students and our citizens roam freely in Ankara and Istanbul, never discriminated and always welcomed whenever they mention their Somaliness. I'll take this opportunity as a win and If turkey continues to build our infrastructure and our security we'll be able to maintain prosperity. It's a win win for everybody.
The things Turkey is doing in Somalia has surpassed forgein diplomacy. Our students and our citizens roam freely in Ankara and Istanbul, never discriminated and always welcomed whenever they mention their Somaliness. I'll take this opportunity as a win and If turkey continues to build our infrastructure and our security we'll be able to maintain prosperity. It's a win win for everybody.
AbdiGeedi
To keep your balance, you must keep moving.
From what I understood it has something to do with the Special Drawing Right (SDR) in the IMF. The SDR is an international reserve asset and serves as the unit of account of the IMF and some other international organizations.
The amount in question is 2.3 millions SDR which converts to $3.25 millions. Somali's reduced debt to the IMF is $557 millions conditionally. So, Turkey is paying just a tiny portion of it. In other words, Turkey is paying down Somalia's debt to the IMF and not paying it off. Unless I am mistaken and there is a typo in the document.
Also the initial debt relief by the IMF from $5 billions to $557 millions happens only after three years or in 2023.
The more I read about it the more I get confused.
The amount in question is 2.3 millions SDR which converts to $3.25 millions. Somali's reduced debt to the IMF is $557 millions conditionally. So, Turkey is paying just a tiny portion of it. In other words, Turkey is paying down Somalia's debt to the IMF and not paying it off. Unless I am mistaken and there is a typo in the document.
Also the initial debt relief by the IMF from $5 billions to $557 millions happens only after three years or in 2023.
The more I read about it the more I get confused.
AbdiGeedi
To keep your balance, you must keep moving.
On the other hand, why would Turkey do such an immaterial amount and deal with the IMF? Turkey hates the IMF and has no debt to it. It is not worth the hassle.
At the same time, why would Turkey pay off Somalia's external debt without signing some sort of a binding agreement with the FGS first, especially at time of pandemic.
Something is not adding up.
At the same time, why would Turkey pay off Somalia's external debt without signing some sort of a binding agreement with the FGS first, especially at time of pandemic.
Something is not adding up.
There's a Defense Pact deal that Turkey has offered Somalia which FGS has not signed, perhaps we will get news of things changing on that front.
Lmaooo
Turks have clearly signed all sorts of long-term business deals so they can continue to cuck Hagites.
Whatever they sell, they will maintain and they will make sure they are needed forever.
Slapping employees up in the airport, firing people for praying. Turks will continue to deliver the L
Turks have clearly signed all sorts of long-term business deals so they can continue to cuck Hagites.
Whatever they sell, they will maintain and they will make sure they are needed forever.
Slapping employees up in the airport, firing people for praying. Turks will continue to deliver the L
AbdiGeedi
To keep your balance, you must keep moving.
I think what is going on is this: Turkey has some left-over reserve assets in the IMF and just wants them to be used towards reducing Somalia's debt.
It is not a big amount, but a good gesture; and every little bit helps. Turkey could have certainly used the money for something else.
It is not a big amount, but a good gesture; and every little bit helps. Turkey could have certainly used the money for something else.
No he will NOT
pipe dream. turkey begged 3 billion form IMF, IMF said no, china gave her the loan and Erdogan stopped attacking china verbally on the muslim Chinese being killed and tortured,
Erdogan shut his gob for 3 billion, you guys seriously think he will pay off 5-6 billion?
pipe dream,
why do these people lie on social media ?
igu sawir
pipe dream. turkey begged 3 billion form IMF, IMF said no, china gave her the loan and Erdogan stopped attacking china verbally on the muslim Chinese being killed and tortured,
Erdogan shut his gob for 3 billion, you guys seriously think he will pay off 5-6 billion?
pipe dream,
why do these people lie on social media ?
igu sawir
and the hawiyes must stand up from their kursi when ever a turk walks by, their enslaving the hawiyes in their own home and they do not pay them for months
maybe they pay them but the somali HAG leaders and farmajo steal the money meant for them
AbdiGeedi
To keep your balance, you must keep moving.
Source? You are just bs'ing.
It is really a no no for Erdogan and his AKP party to deal with the IMF. One of their early goals when they came to power was to pay off then existing Turkey's IMF debt and they did.
Bloomberg - Are you a robot?
www.bloomberg.com
Turkey becoming the new business hub for Somalis as well now that Kenya is acting up
AbdiGeedi
To keep your balance, you must keep moving.
I'll start a thread in the Global Affairs section about Turkish logistics plan for our region.
Turkey becoming the new business hub for Somalis as well now that Kenya is acting up
Masha Allah, so sheikh Cali Sufi, an Absame is named, no surprise, 9/10 Somali sheikhs are Ogaden/Absame
once again, i wish to congratulate the superior Ogaden/Absame race, I really really know more people wished they were form this superior blessed noble race called Absame Kuumade,
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