The Somali government has signed a debt relief agreement with the Arab Monetary Fund, which has been in negotiations for more than three years, according to the Somali Ministry of Finance.
The Somali Minister of Finance, who was attending the annual meeting of the Arab Monetary Fund in Kuwait City, signed the historic agreement.
“The debt relief agreement signed by the Minister of Finance of the Federal Government of Somalia and the Director General of the Arab Monetary Fund, Fuad M. Al-Turki, amounts to $306.5 million, which has hampered the access to financing projects that the Somali government needs,” said a statement from the Ministry of Finance.
The Somali Minister of Finance said that this agreement is important for the reconstruction of the country’s economy and the efforts to complete the debt relief issues that the Somali government has made great efforts to do.
The Minister also indicated that this agreement will enable the Somali Government and the Arab Monetary Fund to officially resume cooperation, which has suspended all assistance that the Somali Government would receive from this Fund.
It is worth noting that the Arab Monetary Fund, headquartered in the capital of the United Arab Emirates, Abu Dhabi, includes 22 Arab countries, and provides loans, technical assistance, and economic advice to its member countries.
In recent years, the Somali government has been making efforts to have the debts of the country’s economy forgiven, as it seeks to attract international attention so that they can make strong investments in Somalia.
