Somalia has finalized a debt relief agreement with France totaling $145.6 million, marking another significant milestone in the country’s economic recovery efforts.
Somalia’s Finance Minister Bihi Iman Ege signed the agreement with French Ambassador Arnaud Suquet, building on recent debt relief successes.
Last month, Somalia achieved notable debt relief agreements with key international partners, including the United States, which held the largest portion of the country’s debt, as well as Japan and Denmark. The latest French agreement further solidifies Somalia’s progress in economic rehabilitation.
The debt relief comes after Somalia’s successful completion of the Heavily Indebted Poor Countries (HIPC) process in 2023 and the Paris Club agreement in 2024. These developments are expected to provide crucial financial flexibility for the nation’s economic development and reconstruction efforts.
The Finance Minister expressed gratitude to the French government, emphasizing the strategic importance of these international partnerships in Somalia’s economic recovery. The agreement signals improving economic governance and renewed engagement with the global financial community.
As Somalia continues to rebuild its economic infrastructure, these debt relief agreements represent critical steps towards financial stability and sustainable development.
HORSEED MEDIA
