Monday December 2, 2024
Mogadishu (HOL) — Somalia's government announced on Monday that it had finalized a debt forgiveness agreement with France, amounting to $145.6 million, as part of ongoing economic reforms and debt relief efforts.
The agreement was signed by Somali Finance Minister Bihi Egeh and Arnaud Suquet, French Ambassador to Kenya and Somalia.
“We are grateful to the government and people of France for their unwavering support,” the minister added.
Somalia has been steadily progressing in its debt relief journey, with countries such as Denmark, Japan, and the United States recently forgiving their debts over the past two months.
The Horn of Africa nation recently completed a debt forgiveness initiative overseen by the International Monetary Fund (IMF) and the World Bank. As a result, Somalia became eligible for over $4.5 billion in debt relief from its creditors, a crucial step toward restoring financial stability and fostering sustainable development.