Turkey pays Somalia’s overdue debt of $3.4 million of SDR to the IMF

By: Staff writer

Turkey, IMF and Somalia, which has contributed to the payment of a past-due debt. This is the contribution of Turkey, Somalia’s debt with the IMF has decided to pay 3.5 million dollars.

International Monetary Fund (IMF) Heavily Indebted Poor Countries initiative of the body, easing of Somalia’s debt for the purpose of the initiative taken by Turkey, 3 million 487 thousand dollars, corresponding to 2 million 372 thousand SDR (special drawing rights) gave grant support.

Official international agreement published in the Gazette by the IMF based on the information contained in the March 25, 2020, Special Contingency Account and the IMF charged for the loss of revenue arising from the overdue interest receivable recoup into Turkey from withholding order of 11 million 906 thousand SDR in Turkey returned.

This money is 2 million 372 thousand SDRs in Somalia’s managed account were donated per cent of Turkey’s quota share.

The Special Drawing Rights (SDR) is an international reserve currency created by the IMF in 1969 and is issued by a separate department of the same name.

Meanwhile, Somalia minister of justice Abdulkadir Mohamed Nur thanked the Turkish president his continued support to Somalia

“My heartfelt gratitude to Recep Tayyip Erdogan for his continued support to Somalia, especially to the economic reforms which resulted in Turkey clearing Somali’s IMF debt money, subtracting from money owed to Turkey by the IMF. Turkey remains to be a strong ally to Somalia’s progress” Said Minister Nur on Twitter

SOURCE: HORNDIPLOMAT AND BBC Turkish