Somalia Signs Bilateral Agreement With U.S To Reduce Debt Owed


U.S. Ambassador to Somalia Yamamoto and Somali Minister for Finance Abdirahman Beileh have signed a bilateral agreement to reduce debt owed to the Somali government by three US government agencies.

Somalia’s new Prime Minister Mohamed Hussein Roble was present at the signing ceremony.

The agreement comes at a time when Somalia has undergone significant economic reforms in recent years and in March 2020 reached its first stage of debt forgiveness.

The United States has announced that it will forgive more than $ 1 billion in debt to Somalia.

The debt forgiveness system will allow Somalia to regain access to international financial support to invest in the country and reduce poverty.