US Forgives $1.14 Billion of Somalia’s Debt in Bilateral Accord

(Bloomberg) -- The US has forgiven $1.14 billion of debt owed by Somalia following a bilateral agreement between the two countries, according to the US ambassador in Mogadishu, Richard Riley.

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The debt relief is in addition to $1.2 billion of development, economic, security, and humanitarian assistance the US has provided to Somalia this fiscal year, Riley said in a statement on X.

“The US continues to be a steadfast partner in support of the people of Somalia,” Riley said.

In a separate statement on X, Somalia’s finance minister, Bihi Iman Egeh, said the accord follows the debt relief process agreed in March by the creditor group of wealthy nations known as the Paris Club.

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