US writes off over $1 billion of Somalia debt
The Peninsula
Nairobi: The United States and Somalia reached an agreement on Tuesday for Washington to cancel more than $1 billion debt owed by the troubled Horn of...
Nairobi: The United States and Somalia reached an agreement on Tuesday for Washington to cancel more than $1 billion debt owed by the troubled Horn of Africa nation.
The announcement came a day after the parliament in Somalia, which is heavily dependent on international aid, approved a $1.36 billion national budget for 2025.
Somalia is one of the poorest countries on the planet, enduring decades of civil war, a bloody insurgency by the Al-Qaeda linked jihadist group Al-Shabaab, and frequent climate disasters.
Tuesday's deal was inked by Somalia's Finance Minister Bihi Egeh and the US ambassador to Mogadishu, Richard Riley, who described it as a "great day".
Riley said at a signing ceremony that the bilateral agreement forgives Somalia's $1.14 billion debt to the United States.
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