November 5, 2024
 
 
 
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SOMALIA: Commonwealth Meridian – December 2020 to September 2022

Thursday, 29 September 2022 00:00

Somalia flagThis project, funded by the African Development Bank, was the first to be implemented by DFI as exclusive distributor for Meridian. Its main objectives were to install Meridian, migrate the debt database from CS-DRMS and train Somali debt managers to record, manage and report on their debt portfolio. The new database was drawn from CS-DRMS records and loan balances reconciled with creditors for the 2020 Paris Club exercise. Following two training courses held in Nairobi, DMU staff are using Meridian on the Ministry of Finance’s cloud space, to administer their portfolio and regularly produce a quarterly debt bulletin – one of the pre-conditions for HIPC Completion Point which Somalia reached in December 2023, with total debt savings of $4.5 billion.

 

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