The Minister of Finance, Bihi Egeh, announced the completion of Somalia’s debt relief process with the United States, culminating in the forgiveness of over $1.14 billion in American debt.
This historic milestone, announced on Tuesday, was formalized in Mogadishu with the U.S. Ambassador to Somalia, Richard H. Riley.
The debt forgiveness follows a successful debt relief process, including support from the Paris Club in March, which endorsed extensive debt cancellation for Somalia.
Egeh expressed gratitude to the U.S. government and its citizens, highlighting their crucial role in supporting Somalia’s ongoing economic reforms and growth efforts.
This debt relief marks a significant step toward financial stability and self-sufficiency for Somalia, building on recent reforms aimed at enhancing revenue generation and fiscal management.
