Monday 2,Dec,2024 {HMC} 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.
“Today, we finalized the debt relief process with the Government of France totaling $145.6 million. I signed this historic agreement with Arnaud Suquet this morning,” said Minister Egeh. He highlighted that the debt cancellation follows Somalia’s successful completion of the Heavily Indebted Poor Countries (HIPC) Initiative in 2023 and the Paris Club agreement in 2024.
“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.
Source Hiiraan online