The USA has agreed to forgive $1.14 billion of Somalia’s debt, marking a major monetary milestone for the East African nation. The settlement, signed in Mogadishu by Somali Finance Minister Bihi Egeh and US Ambassador Richard Riley, displays Somalia’s dedication to the IMF-driven financial reform agenda, which prioritizes home income progress, improved monetary administration, and strengthened governance. This debt aid follows comparable agreements with different collectors, together with France and Russia, highlighting worldwide help for Somalia’s financial restoration. Egeh expressed gratitude to the US for its continued help, whereas Ambassador Riley praised Somalia’s dedication to reforms, emphasizing {that a} secure and affluent Somalia advantages each nations. This deal highlights Somalia’s progress in stabilizing its financial system and lowering its overseas debt burden.
SOURCE: MIDDLE EAST MONITOR