Somalia has agreed with international creditors to cancel over USD 2 bln in debt, as confirmed by the Paris Club. This development follows the IMF and World Bank’s USD 4.5 bln debt relief approval in December, significantly reducing Somalia’s external debt from 64% of GDP in 2018 to under 6% by the end of 2023. The country’s GDP is projected to grow by 3.7% this year, up from an estimated 2.8% in 2023.