MOGADISHU (SD) In a brief ceremony held today in Mogadishu, an agreement that forgives over $1 billion in debt owed by Somalia to the United States Somalia’s Minister of Finance, Bihi Iman Egeh, and the U.S. Ambassador to Somalia, Richard H. Riley, signed the agreement together at the U.S. Embassy in Mogadishu.

This historic agreement, through which the U.S. forgave Somalia’s debts, follows a series of similar debt cancellations, including those by the Paris Club countries, Russia, and many other nations in March. This is also part of the efforts towards Somalia’s Debt Relief Process that the Federal Government of Somalia has been pursuing for some time.

After the signing of the agreement, both the Somali Finance Minister and the U.S. Ambassador addressed the media, stating that this agreement is historic and offers significant opportunities for Somalia.

“Today in Mogadishu, I announced the completion of the Debt Relief Agreement by the United States, alongside the U.S. Ambassador to Somalia, Richard H. Riley. The total amount of debt forgiven by the U.S. today is $1 billion,” said the Somali Finance Minister.

Minister Bihi Iman Egeh thanked the U.S. government and the American people for their crucial support towards Somalia’s economic development and financial system reform.