ST. PETERSBURG (Pakistan Point News / Sputnik - 27th July, 2023) Somalia and Russia signed two agreements to settle Mogadishu's debts to Moscow totaling more than $690 million, Somali Deputy Prime Minister Salah Ahmed Jama told Sputnik, adding that part of these debts will be paid according to the new payment schedule and part will be written off.
The signing ceremony took place on the sidelines of the second Russia-Africa summit. One of Somalia's debts to Russia is $7.5 million, while the other exceeds $684 million and is part of the Paris Club loans.
The Somali government thanked Russia for signing the agreements, Salah Ahmed Jama noted, adding that this move brings Somalia closer to improving its financial and monetary policy.
