(Bloomberg) -- The United Nations Security Council unanimously lifted the ban on arms deliveries to Somalia, more than 30 years after the first embargo was imposed. 

The Security Council imposed the embargo in 1992 following clan warlords’ overthrow of the central government led by dictator Mohamed Siad Barre. 

President Hassan Sheikh Mohamud and Prime Minister Hamza Abdi Barre praised Friday’s UN decision as a development with the potential to reshape the nation’s security landscape.

Mohamud said an announcement of complete debt relief would follow in the near future, making it possible to obtain loans and strike investment deals with any entity.

The breakaway Republic of Somaliland said on Saturday it opposed lifting the arms embargo, alleging Somalia has not demonstrably established effective weapons tracing systems or oversight mechanisms, raising concerns about the diversion of weapons to terrorist and extremist groups. Somaliland broke away from Somalia in 1991. 

--With assistance from Mohammed Omar Ahmed.

(Updates with Somaliland reaction in fifth paragraph.)

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