Mogadishu (SD) – US Ambassador to Somalia Donald Yamamoto and Acting Somali Minister of Finance Dr. Abdirahman Duale Beyle, has signed a bilateral agreement to reduce and restructure Somalia’s debt to three US government agencies, In the presence of the Prime Minister of the Federal Government of Somalia, Mohamed Hussein Roble.

The United States Government has already pardoned Somalia of the US debt as part of Paris debt forgiveness.

“I am proud that today we have signed an agreement with the United States pardoning some of the debts of the country, as a result of the agreement reached between the Paris Club countries, which pardoned $ 1.4 billion worth of debt for Somalia,” said Minister Beyle.

A statement from the US embassy in Somalia said the agreement was reached as Somalia has undergone significant economic reforms in recent years, and by March 2020 reached World Bank’s mark of debt relief.

“Signing this agreement was possible because Somalia has implemented significant economic reforms in recent years and in March 2020 reached the first stage of debt relief, known as “Decision Point,” through the Heavily Indebted Poor Countries Initiative. When Somalia reaches the final stage, “Completion Point,” the United States will have forgiven more than $1 billion in debt.” Said the US statement.

Somali Prime Minister Mohamed Hussein Roble, who was present at the signing ceremony, thanked the United States Government for the debt forgiveness, and commended the US Ambassador for his continued support to the Somali people.