Photo: STAFF / AFPSource: AFPThe United States and Somalia reached an agreement on Tuesday for Washington to cancel more than $1 billion debt owed by the troubled Horn of Africa nation. The announcement came a day after the parliament in Somalia, which is heavily dependent on international aid, approved a $1.36 billion national budget for 2025. Riley said at a signing ceremony that the bilateral agreement forgives Somalia's $1.14 billion debt to the United States. In a post on X, Egeh thanked the United States for its "unwavering support of our economic reforms and growth". In March, Mogadishu secured an agreement with international creditors to cancel more than $2 billion in debt, the Paris Club of creditor nations said.

Source: Daily Nation November 05, 2024 17:57 UTC