The Executive Boards of the IMF and the World Bank’s International Development Association (IDA) have approved the Heavily Indebted Poor Countries (HIPC) Initiative Completion Point for Somalia, which provides total debt service savings for the country of US$4.5 billion. Following HIPC Completion Point, Somalia’s external debt has fallen from 64 percent of GDP in 2018 to less than 6 percent of GDP by end 2023. This debt relief will facilitate access to critical additional financial resources that will help Somalia strengthen its economy, reduce poverty, and promote job creation.
More on the future of Thames Water, with the Guardian seeming to have seen a blueprint for its renationalisation, involving the government picking up the tab for the majority of the £15bn debt racked up. Of course, the executives in charge of what might be one of the largest corporate disasters in recent history will, of course, have trousered significant rewards for dreadful performance.
It willl be entertaining to see how this plays out. I'm prepared to bet that the current government will be doing its best to keep a zombie firm alive until a General Election. What an advert for privatisation!