Somalia clears arrears to International Development Association

Somalia has cleared its arrears to the International Development Association, part of the World Bank Group. 

The payment was made possible through a $365.9 million bridge loan from the Norwegian government. This effort is part of a comprehensive plan for arrears clearance that also includes the International Monetary Fund and the African Development Bank.

Somalia has now fully re-established its access to new resources from IDA and paved the way to receive debt relief under the Heavily Indebted Poor Country and Multilateral Debt Relief Initiative.