Somalia breathed a collective sigh of relief when one of its largest debts was waived.
On Wednesday, the Russian government announced a waiver of the $686 million owed by Somalia.
Bihi Egeh signed an agreement to this effect in Saint Petersburg.
Egeh, the Minister of Finance, signed the agreement on behalf of the Somali government.
He signed it with Timur Igorevich Maksimov, the Russian Deputy Minister of Finance.
The waiver marks a significant achievement in Somalia’s debt relief process.
Egeh as Maksimov signed the agreement ahead of the Africa-Russia Summit.
Deputy Prime Minister Salah Jama is expected to lead the Somali delegation to the summit, which kicks off on July 27.