Somalia is in 4.6 billion debt.

[Gibiin-Udug]

The debt starts from 1975 until now.

And now the FGS is asking for the debt to be cancelled. How do you suddenly ask for 4.6 billion dollar to be cancelled? I want answers.

https://www.afsc.org/blogs/news-and-commentary/why-we-must-cancel-somalias-debt

 

[CaliTedesse]

Uhm let Dr Bayle do the talking

 

[Gibiin-Udug]

Uhm let Dr Bayle do the talking

He said Somalia is in 1 billion dollar debt, but my sources say otherwise.

 

[CaliTedesse]

He said Somalia is in 1 billion dollar debt, but my sources say otherwise.

I mean Sooooooooooomaaaaaaaaaliaaaaa was in chaos for more than 30 years not able to pay debt so why not yaa ukhti

 

[Abdurahman_somali]

I once read an article on this, in which some African countries were given completly debt relief from the G8 States, under certain conditions and if im not wrong Ethiopia was one of them. The main condition was, the countries had to make sure money and aid have to come to it's rightful institutions and projects, i.e. lack of corruption. That's why i personally think Somalias dept won't be cancelled completely in the near future, due to the unparalleled corruption (in some indexes it is on the first place worldwide).

Another interesting side note, Kenya was very angry at the debt relief of the other African countries, cause it is one of the few, who paid it's debt back over years.

 

[embarassing]

I once read an article on this, in which some African countries were given completly debt relief from the G8 States, under certain conditions and if im not wrong Ethiopia was one of them. The main condition was, the countries had to make sure money and aid have to come to it's rightful institutions and projects, i.e. lack of corruption. That's why i personally think Somalias dept won't be cancelled completely in the near future, due to the unparalleled corruption (in some indexes it is on the first place worldwide).

Another interesting side note, Kenya was very angry at the debt relief of the other African countries, cause it is one of the few, who paid it's debt back over years.

Lol the corruption perception index is irrelevant, political, and based on their perception and not anything real.

Somalia is well on its way to debt relief, the decision point should be at the end of the year inshaAllah.



IMF Managing Director Christine Lagarde Supports Somalia’s Efforts to Achieve Debt Relief
April 11, 2019


Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), met with Hassan Ali Khaire, Prime Minister of Somalia yesterday in Washington and issued the following statement:

“I was very pleased to meet with Prime Minister Khaire and his economic team at the IMF headquarters. We had a very productive meeting and exchanged views on Somalia’s impressive progress in building institutional capacity and implementing its economic reform program amid a continuing fragile security situation. The prime minister reiterated the government’s strong commitment to the policies under the Staff Monitored Program (SMP), which expires at the end of the month.

“Following satisfactory completion of the current SMP, I am optimistic that a follow-up program can be agreed that meets one of the key requirements for Somalia to reach the Decision Point under the Heavily Indebted Poor Countries (HIPC) Initiative. Continued strong performance, together with support from international partners, will pave the way for Somalia to receive debt relief in the near future. In this regard, I assured the prime minister of the IMF’s full support for Somalia’s efforts.”

https://www.imf.org/en/News/Article...garde-supports-efforts-to-achieve-debt-relief

 

[Farjano-Walad]

He said Somalia is in 1 billion dollar debt, but my sources say otherwise.

your right, its between 4.6 to as much as 5.3 billion, even the paris club doesnt know

its the riba/interets as we nbever pay it back since 1991 they have been hitting us with late payment riba

and every penny we get from the west is adding more

There is, however, a problem. Somalia is not eligible for IDA funds because it owes the bank and the IMF just over $800m – part of a $5bn debt mountain owed to multilateral and bilateral creditors. These debts were incurred in the 1980s when most of Somalia’s current population – 70% of which is under 30 – was not even born. Creditors long ago realised they would never get their money back and 90% of the debt has been written off.

https://www.theguardian.com/busines...put-your-money-where-your-mouth-is-on-somalia

 

[Farjano-Walad]

its rising each year with the riba as we dont pay it back

 

[embarassing]

its rising each year with the riba as we dont pay it back

we will get debt relief inshaAllah.

 

[Tukraq]

its rising each year with the riba as we dont pay it back

We will never pay it back but who cares, every country or important one is in debt and it doesn’t really matter people just make it seem worse than it is and act like it’s a personal debt or something

 

[Mehmet]

Lol the corruption perception index is irrelevant, political, and based on their perception and not anything real.

Somalia is well on its way to debt relief, the decision point should be at the end of the year inshaAllah.



IMF Managing Director Christine Lagarde Supports Somalia’s Efforts to Achieve Debt Relief
April 11, 2019


Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), met with Hassan Ali Khaire, Prime Minister of Somalia yesterday in Washington and issued the following statement:

“I was very pleased to meet with Prime Minister Khaire and his economic team at the IMF headquarters. We had a very productive meeting and exchanged views on Somalia’s impressive progress in building institutional capacity and implementing its economic reform program amid a continuing fragile security situation. The prime minister reiterated the government’s strong commitment to the policies under the Staff Monitored Program (SMP), which expires at the end of the month.

“Following satisfactory completion of the current SMP, I am optimistic that a follow-up program can be agreed that meets one of the key requirements for Somalia to reach the Decision Point under the Heavily Indebted Poor Countries (HIPC) Initiative. Continued strong performance, together with support from international partners, will pave the way for Somalia to receive debt relief in the near future. In this regard, I assured the prime minister of the IMF’s full support for Somalia’s efforts.”

https://www.imf.org/en/News/Article...garde-supports-efforts-to-achieve-debt-relief

They owe no one nothing

 

[Mehmet]

We will never pay it back but who cares, every country or important one is in debt and it doesn’t really matter people just make it seem worse than it is and act like it’s a personal debt or something

Donald duck is in billions of dollars in debt

 

[Ras]

Most of that debt was bogus anyways.

Let's ask for relief on the bs ones and pay the legit ones.

Debt relief is like a juvenile criminal records.

They tell you it's expunged but it still leaves a stain.

By the way, the current government doesn't have the mandate to run up new debts under our name.

It's obvious why Farmaajo is seeking debt relief now.

He want to go shopping for new loans before his time is out and the banks would be happy to play along and they won't care how it'll be spent.


Win a national election first and then you can incur debts on the Somali people.

 

[Abdurahman_somali]

Lol the corruption perception index is irrelevant, political, and based on their perception and not anything real.

Somalia is well on its way to debt relief, the decision point should be at the end of the year inshaAllah.



IMF Managing Director Christine Lagarde Supports Somalia’s Efforts to Achieve Debt Relief
April 11, 2019


Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), met with Hassan Ali Khaire, Prime Minister of Somalia yesterday in Washington and issued the following statement:

“I was very pleased to meet with Prime Minister Khaire and his economic team at the IMF headquarters. We had a very productive meeting and exchanged views on Somalia’s impressive progress in building institutional capacity and implementing its economic reform program amid a continuing fragile security situation. The prime minister reiterated the government’s strong commitment to the policies under the Staff Monitored Program (SMP), which expires at the end of the month.

“Following satisfactory completion of the current SMP, I am optimistic that a follow-up program can be agreed that meets one of the key requirements for Somalia to reach the Decision Point under the Heavily Indebted Poor Countries (HIPC) Initiative. Continued strong performance, together with support from international partners, will pave the way for Somalia to receive debt relief in the near future. In this regard, I assured the prime minister of the IMF’s full support for Somalia’s efforts.”

https://www.imf.org/en/News/Article...garde-supports-efforts-to-achieve-debt-relief

The CPI is not political, they don't have a personal agenda against Somalia. It is a non political organization, which collects and measures the data, to estimate the CPI. There is definitely a high correlation between the CPI and the actual corruption within the states.

Ironically you posted as a source a FGS minister and the IMF. It should be clear why the minister is not a reliable source in this context. The IMF on the other hand, is one of the most criticized institution for its politzation, support of incompetent governments and increasing the corruption in the respective countries.

In the end ot the day the whole discussion is pointless. Debt relief or not, Somalia will still get their credit money and won't pay back a penny and corruption would still continue. The 18 States i talked about in my first post, were given a debt relief in the year 2005 after a resolution of the G8 states and they are still highly corrupt and extremely poor.

This is exactly the problem with N&N, they don't know how to set priorities. A debt relief will ONLY make sense, if Somalia becomes an actual government. The porpuse of a debt relief is, that the country is after that able to to built a self sufficient economy. Somalia can't do that, until there is a constitution which unifies the federal states and defines their power sharing system. There is not even a taxation system which incorporates other regions than xamar, the security situation is in most parts of the country more than fragile and foreign countries have to much influence (e.g. Kenya in Jubbaland). So a debt cancel is not the right move at the moment, because it has literally zero long term effect.

 

[embarassing]

The CPI is not political, they don't have a personal agenda against Somalia. It is a non political organization, which collects and measures the data, to estimate the CPI. There is definitely a high correlation between the CPI and the actual corruption within the states.

Ironically you posted as a source a FGS minister and the IMF. It should be clear why the minister is not a reliable source in this context. The IMF on the other hand, is one of the most criticized institution for its politzation, support of incompetent governments and increasing the corruption in the respective countries.

In the end ot the day the whole discussion is pointless. Debt relief or not, Somalia will still get their credit money and won't pay back a penny and corruption would still continue. The 18 States i talked about in my first post, were given a debt relief in the year 2005 after a resolution of the G8 states and they are still highly corrupt and extremely poor.

This is exactly the problem with N&N, they don't know how to set priorities. A debt relief will ONLY make sense, if Somalia becomes an actual government. The porpuse of a debt relief is, that the country is after that able to to built a self sufficient economy. Somalia can't do that, until there is a constitution which unifies the federal states and defines their power sharing system. There is not even a taxation system which incorporates other regions than xamar, the security situation is in most parts of the country more than fragile and foreign countries have to much influence (e.g. Kenya in Jubbaland). So a debt cancel is not the right move at the moment, because it has literally zero long term effect.

Your initial post was about how you don't believe debt would be cancelled. That is what I responded to, how anything could be ironic or you thinking the WB and IMF are corrupt are relevant I don't understand. Lol also govt don't work on things one at a time, they work on multiple issues simultaneously and many of them are connected. In fact this whole last post made no sense.

To put it simply, you said you don't think there will be debt relief, I responded showing you there likely will be and very soon. Everything else there is really irrelevant and very random.

Lol I don't have time to talk with people who get triggered by good news and then create arguments for the sake of arguing.

 

[Abdurahman_somali]

Your initial post was about how you don't believe debt would be cancelled. That is what I responded to, how anything could be ironic or you thinking the WB and IMF are corrupt are relevant I don't understand. Lol also govt don't work on things one at a time, they work on multiple issues simultaneously and many of them are connected. In fact this whole last post made no sense.

To put it simply, you said you don't think there will be debt relief, I responded showing you there likely will be and very soon. Everything else there is really irrelevant and very random.

Lol I don't have time to talk with people who get triggered by good news and then create arguments for the sake of arguing.

My initial post was about debt relief that happened to 18 countries in the year 2005 under certain criteria by the G8 States and that Somalia doesn't fulfilled these criteria, because it has the highest CPI for example. So my assumptions was that debt relief won't happen in the near future and at that point i didn't assess, wether debt relief is something good or not or gave any further explanations.

Your response was that debt relief is very likely to happen, because Dr. Bayle said it and the a person from the IMF and that the CPI is political. On the other hand you assessed it as something good, judging your post.

I responded you in two ways. First that the CPI is not political and from non biased organizations and that your sources the IMF and Dr Bayle are in Fact political motivated and not the other way around. Then i gave some details about my first post, that debt relief which happened to the first 18 countries didn't improve their situation, why i suggested from a logical point of view, that the IC won't won't do this mistake again in the case of Somalia.

My second response was thinking one step further. I highlighted that the debate is senseless, wether debt relief happen or not because Somalia is not obliged to pay any penny back. In other words debt relief will happen either way, it's just a matter of time regardless if it happens in the end of the year like you suggested or in a later time like i speculated. Then i gave a new input to this debate and tried to discuss, what time is more suitable for debt relief (which will happen either way).

I gave my opinion, that in the current situation of Somalia, debt relief has no long term effect for many reasons, that's why i came to the conclusion, the govenrnment of N&N does set, not for the first time, wrong priorities. So my point was other things have to be fixed first, before debt relief should be on the table.

"Triggered of good news" ? kkk this is really random. Your emotional response shows, that political debates is not something you are made for. Not a single point of mine was random, i gave you now a little more explanations, in the hope that you understand my argumentation. But it was my fault in the first place to think you could follow me, because i started a debate with someone who is a supporter of N&N. The average follower of this government lacks the skill to participate in a normal discussion without being emotional, hence your childish reaction. So i have neither time for people who argue for the sake of defending your loved ones (N&N).

 

[embarassing]

My initial post was about debt relief that happened to 18 countries in the year 2005 under certain criteria by the G8 States and that Somalia doesn't fulfilled these criteria, because it has the highest CPI for example. So my assumptions was that debt relief won't happen in the near future and at that point i didn't assess, wether debt relief is something good or not or gave any further explanations.

Your response was that debt relief is very likely to happen, because Dr. Bayle said it and the a person from the IMF and that the CPI is political. On the other hand you assessed it as something good, judging your post.

I responded you in two ways. First that the CPI is not political and from non biased organizations and that your sources the IMF and Dr Bayle are in Fact political motivated and not the other way around. Then i gave some details about my first post, that debt relief which happened to the first 18 countries didn't improve their situation, why i suggested from a logical point of view, that the IC won't won't do this mistake again in the case of Somalia.

My second response was thinking one step further. I highlighted that the debate is senseless, wether debt relief happen or not because Somalia is not obliged to pay any penny back. In other words debt relief will happen either way, it's just a matter of time regardless if it happens in the end of the year like you suggested or in a later time like i speculated. Then i gave a new input to this debate and tried to discuss, what time is more suitable for debt relief (which will happen either way).

I gave my opinion, that in the current situation of Somalia, debt relief has no long term effect for many reasons, that's why i came to the conclusion, the govenrnment of N&N does set, not for the first time, wrong priorities. So my point was other things have to be fixed first, before debt relief should be on the table.

"Triggered of good news" ? kkk this is really random. Your emotional response shows, that political debates is not something you are made for. Not a single point of mine was random, i gave you now a little more explanations, in the hope that you understand my argumentation. But it was my fault in the first place to think you could follow me, because i started a debate with someone who is a supporter of N&N. The average follower of this government lacks the skill to participate in a normal discussion without being emotional, hence your childish reaction. So i have neither time for people who argue for the sake of defending your loved ones (N&N).

Yes, and I responded to your initial post, Somalia has been progressing rather quickly and meeting the criteria for debt relief, we've already passed through each stage and are well on our way to debt relief. The only reason Somalia didn't qualify before when most of those African countries received it is simply because it was still considered in conflict stage, along with Sudan and Eritrea. It has nothing to do with the politically motivated corruption perception index lol, and you saying I don't think the IC will do it again is also nonsensical bc like the countries before, Somalia is already almost done the required work under the HIPC initiative that the other countries went through in order to have their debt cancelled. Its already done and nearing the decision point phase. that much should be obvious.

List of Countries That Have Qualified for, are Eligible or Potentially Eligible, and May Wish to Receive HIPC Initiative Assistance (as of February 2019)

Post-Completion-Point Countries (36)

Afghanistan

Ethiopia

Mauritania

Benin

The Gambia

Mozambique

Bolivia

Ghana

Nicaragua

Burkina Faso

Guinea

Niger

Burundi

Guinea-Bissau

Rwanda

Cameroon

Guyana

São Tomé & Príncipe

Central African Republic

Haiti

Senegal

Chad

Honduras

Sierra Leone

Comoros

Liberia

Tanzania

Republic of Congo

Madagascar

Togo

Democratic Republic of Congo

Malawi

Uganda

Côte d’Ivoire

Mali

Zambia

Pre-Decision-Point Countries (3)

Eritrea

Somalia

Sudan

https://www.imf.org/en/About/Factsh...he-Heavily-Indebted-Poor-Countries-Initiative

If you have a problem with Dr. Bayle and think he's biased lol you can look at the reports from the IMF, WB, who are working with the creditors to achieve it. They all met in Washington and thats what he was talking about.

Thats what your original post was about and thats all I was responding to.