Abdirahmin Duale Beileh, the Minister of Finance serving under President Mohamed Farmaajo’s Federal Government of Somalia, met with several Russian officials in a video call.
During the meeting, the officials discussed Somalia’s debt relief.
Minister Beileh discussed debt relief with the Russian delegation under the leadership of Russian Deputy Minister Timur Maksimov.
During the video conference, the officials discussed ways the Russian government could remit funds to the Horn of Africa nation.
Beileh confirmed that United States and Russia are the first and second biggest lenders respectively to the East African country.
The meeting with the Russian officials came two weeks after Somalia cleared the $366 million it owed its international partners.
Norway offered Somalia a bridging loan that made it possible for the government of President Farmaajo to clear its international loan.
By clearing its international arrears, Somalia moves one-step closer to enjoying complete debt relief.
Furthermore, it can now access low-cost loans that the World Bank offers through its International Development Association.