Somalia: Russia Writes Off All Somalia's Debts Ahead Key Summit

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Debt.
27 July 2023
Shabelle Media Network (Mogadishu)

Moscow — Somalia and Russia signed two agreements to settle Mogadishu's debts to Moscow totaling more than $690 million.

Somali Deputy Prime Minister Salah Ahmed Jama told Sputnik that part of these debts will be paid according to the new payment schedule and part will be written off.

The signing ceremony took place on the sidelines of the second Russia-Africa summit.

One of Somalia's debts to Russia is $7.5 million, while the other exceeds $684 million and is part of the Paris Club loans.

The Somali government thanked Russia for signing the deals, Salah Ahmed Jama noted, adding that this move brings Somalia closer to improving its financial and monetary policy.

The debt owed by Somalia to external creditors is estimated to be more than $5 billion. Somalia owes the single biggest debt -- $1 billion -- to the United States.

Read the original article on Shabelle.

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