President Recep Tayyip Erdogan’s decision to help the economy of the Horn of Africa country will see Turkey dip into its cash reserves, according to the Official Gazette.

As a result, Somalia’s debt will be reduced from $5.2 billion at the end of 2018 to $3.7 billion.

Turkey is among the 116 countries supporting the debt relief contribution under the Heavily Indebted Poor Countries (HIPC) Initiative – a scheme set up by the World Bank and IMF to help to alleviate the debt burden of the world’s poorest countries.

Somali Justice Minister Abdul Qadir Muhammad Nur expressed his gratitude to Turkey for help.

“My heart felt gratitude towards @RTErdogan for his continued support for Somalia, especially the economic reforms that led Turkey to erase Somali debt money from the IMF, subtracting the money owed to Turkey by the IMF,” he said in a tweet.

“Turkey remains a strong ally for Somalia’s progress,” he added.

According to the IMF, nearly 70% of Somalis live on less than $2 a day and the country’s economic growth is barely keeping pace with its population growth.

Turkey has also established a strong alliance with Somalia over the years and has invested heavily in this African country.

Somalia has received tons of aid from its ally Turkey, while Ankara has also provided medical care to victims of terror attacks in the East African country.

Earlier this year, Somalia reportedly invited Allied Turkey explore oil in its seas, turkish President Tayyip Erdogan said in January, according to the broadcaster NTV.

The Turkish leader confirmed Ankara would take action in accordance with the Somali invitationhowever, did not provide additional information.

“There is an offer from Somalia. They say, ‘There is oil in our seas. You are doing these operations with Libya, but you can also do them here.’ It is very important for us,” Erdogan said, as quoted by NTV. “Therefore, there will be measures that we will take in our operations there.”

Turkey also has a significant presence in Somalia and is carrying out one of several foreign military training operations in the Horn of Africa country long destabilized by conflict.

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