After three decades of suspension for outstanding debt, Somalia can now receive funding from the International Fund for Agricultural Development as it struggles with record drought and millions of its people teeter on the brink of famine.
Germany, Sweden, Belgium, and Italy paid off Somalia's debt to the United Nations international financial institution — debt that had prevented IFAD from making investments in the country’s agricultural and pastoral systems.
In a press conference at this week’s IFAD Governing Council meeting, Somali President Hassan Sheikh Mohamud said the debt clearance represented a “new dawn” for Somalia as it attempts to move from humanitarian to development financing.
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About the author
Teresa Welshtmawelsh
Teresa Welsh is a Senior Reporter at Devex. She has reported from more than 10 countries and is currently based in Washington, D.C. Her coverage focuses on Latin America; U.S. foreign assistance policy; fragile states; food systems and nutrition; and refugees and migration. Prior to joining Devex, Teresa worked at McClatchy's Washington Bureau and covered foreign affairs for U.S. News and World Report. She was a reporter in Colombia, where she previously lived teaching English. Teresa earned bachelor of arts degrees in journalism and Latin American studies from the University of Wisconsin.
