back to top
HomeEast AfricaFrance Wipes Out $145.6 Million Of Somalia’s Debt In Historic Nairobi Deal

France Wipes Out $145.6 Million Of Somalia’s Debt In Historic Nairobi Deal

Published on

- Advertisement -spot_img

In a milestone for Somalia’s economic recovery, France officially canceled $145.6 million of Somalia’s debt in a formal agreement signed today in Nairobi. The agreement was inked by Somalia’s Minister of Finance, Bihi Egeh, and the French Ambassador to Somalia and Kenya, Arnaud Suquet.

This debt cancellation follows the successful negotiations at the Paris Club earlier this year in March, where member countries agreed to provide Somalia with debt relief to aid its recovery and development.

“This agreement reaffirms France’s commitment to supporting Somalia in its economic reform journey and addressing its financial challenges,” Ambassador Suquet stated.

Minister Egeh expressed gratitude for France’s support, highlighting that the relief would enable Somalia to allocate more resources toward critical priorities, such as rebuilding infrastructure, enhancing public services, and strengthening institutions.

The Paris Club initiative, of which this cancellation is a part, has been instrumental in helping Somalia achieve greater fiscal sustainability. The club’s negotiations aim to alleviate Somalia’s long-standing debt burden, which has hindered its economic progress following decades of conflict and instability.

France’s gesture signals growing international confidence in Somalia’s economic reforms, which have been lauded for their focus on fiscal discipline and transparency.

Somalia’s government expressed that it remains committed to fulfilling its reform commitments under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative, paving the way for additional debt forgiveness from other creditors in the coming years.

Related

Big Size Recap: London Parties With Legendary Bebe Cool’s Break The Chains Album Was Massive

On August 12th, Bebe Cool held a successful listener’s party at Masq London, Restaurant...

City Businessman Hamis Kiggundu Launches Cleanup to Pave Way for Nakivubo Channel Redevelopment

Kampala, Uganda – City businessman Hamis Kiggundu, popularly known as Ham, has embarked on...

Nakivubo Channel Set for Major Redevelopment as Uganda Races Towards AFCON 2027

Kampala is moving to cover and modernize the infamous Nakivubo Channel, a drainage trench...

Beauty, Glamour & Grace: 26 Contestants Unveiled for Miss Uganda 2025 Crown!

Kampala, Uganda: The Miss Uganda beauty pageant entered a decisive phase on Friday night...

More from The Capital Times

Business Boom In Namugongo Ahead Of Martyrs Day

Business has picked up this morning at Namugongo Martyrs shrine according to traders. The...

Uganda Adopts Kiswahili As Official Language

Uganda has adopted Kiswahili as an official language, a top government official said on...

Minister Kasolo In Hot Soup Over Alleged Orungo Voter Attacks Accused Of Orchestrating Violence Fo Intimidate Opponents in NRM Primaries

A political storm is brewing in Orungo sub-county after shocking allegations emerged linking Uganda’s...