MOGADISHU (SD)-The Federal Minister of Finance of Somalia, Mr. Bihi Iman Egeh, and the Ambassador of Japan to Kenya, Mr. OGIHARA Hiroshi, jointly signed an agreement today in which Japan forgives a debt amounting to 14 billion Japanese yen, equivalent to more than one hundred million US dollars.

This agreement, signed today by the Federal Minister of Finance, follows the completion of the debt relief process where negotiations are conducted individually with each country. This is in line with the decision made by the Paris Club member countries in early March 2024.

Following the brief signing ceremony, Federal Minister of Finance Bihi Iman Egeh thanked the people and the Government of Japan for their generous decision to forgive all the debts owed by the Government of Somalia.

The Minister also mentioned that this step encourages the Somali Government, which is making strong efforts to reform its finances and increase revenue to achieve economic self-sufficiency.

In his brief remarks at the signing ceremony, the Japanese Ambassador pledged that his government would continue to work with the Somali Government and support development projects in Somalia.