Russia signs agreement to forgive $640m in debt from Somalia

[bidenkulaha]

I talked about this trip and the Deputy PMs travel there a month or so ago. Said it would be July 27 but a day early is a nice surprise. This is the final major debt holder so IMF debt relief is all but guaranteed. Decision should be reached in September with confirmation/press release on Nov/very early Dec at the latest.

Great work from the government.

 

[Fisherman 75]

Inshallah IMF debt relief will happen this year.

 

[bidenkulaha]

Inshallah IMF debt relief will happen this year.

This will open us up to international finance and new loans. That’ll speed up development, inshallah we have stringent anti-corruption laws and independent committees in place by then.

All loans should be spent on revenue raising projects.

 

[HabarSteven12]

This will open us up to international finance and new loans. That’ll speed up development, inshallah we have stringent anti-corruption laws and independent committees in place by then.

All loans should be spent on revenue raising projects.

This is great news but suspicious at the same time. Why would a country facing economic sanctions forgive more than half a billion dollars.

 

[Bowda-dheer]

Russia wasn’t a country when Somalia got these loans though.

 

[HabarSteven12]

Russia is in dire need of hard currency. Russia's economy is being crippled by tough economic sanctions. Russia is looking for something in return. No country that is suffering from sanctions will forgive more than half a billion dollars. Something is suspicious. Maybe Russia asked Somalia to have free access to one of its strategic ports and establish a military base.

Russia wasn’t a country when Somalia got these loans though.

Russia is in dire need of hard currency. Russia's economy is being crippled by tough economic sanctions. Russia is looking for something in return. No country that is suffering from sanctions will forgive more than half a billion dollars. Something is suspicious. Maybe Russia asked Somalia to have free access to one of its strategic ports and establish a military base.

 

[GaradShabeel]

Somalia wasn't the only country got debt relief. It appears to be a Russian trick to get closer ties with African countries.

 

[Heavy Mountains]

@HabarSteven12 somalia is in no position to repay these old debts backs so they're forgiving them to use it as a PR move

Our debt is small compared to other African nations

 

[Heavy Mountains]

Somalia says Russia grants relief on debt worth $684 million

Russia has granted debt relief on over $684 million owed by Somalia in a deal finalised on the sidelines of a Russia-Africa summit in St Petersburg, officials from the Horn of Africa nation said.

www.reuters.com

Turns out only a part will be written off

Jama added that, under the agreement, part of the debt would be immediately written off while part would be subject to a rescheduling of payments.

 

[Ozark]

640 million shouldn’t even be a lot for a country.

 

[GaradShabeel]

Somalia says Russia grants relief on debt worth $684 million

Russia has granted debt relief on over $684 million owed by Somalia in a deal finalised on the sidelines of a Russia-Africa summit in St Petersburg, officials from the Horn of Africa nation said.

www.reuters.com

Turns out only a part will be written off

But the minister said that all 640 million would be forgiven?!!? Let's hope that he was aware of this

 

[bidenkulaha]

Mashallah the Minister mentions once IMF debt relief concludes December 100% of the Russian debt will be forgiven.

Also passed the dib u eegista miisaaniyada which is very important for debt relief. 169 MPs voted for it. He says two more debt relief related legislation will be heading to parliament with sharciga hanti-dhowrka (this will make this position unsackable and independent from the president, which is a demand by IMF. Ahmed Gutale has this position locked up for decades to come ) and the national income tax law which is again one of the things IMF is pushing us to do. We’re a bit late, I believe they expected this done by July, looks like it’ll push into august

 

[Strawberry]

View attachment 284960

I talked about this trip and the Deputy PMs travel there a month or so ago. Said it would be July 27 but a day early is a nice surprise. This is the final major debt holder so IMF debt relief is all but guaranteed. Decision should be reached in September with confirmation/press release on Nov/very early Dec at the latest.

Great work from the government.

As they should after what they did to us back in the day

 

[Aurelian]

We snubbed them on Russian african summit. But got our partial loan forgiveness.

 

[Waayab]

View attachment 284960

I talked about this trip and the Deputy PMs travel there a month or so ago. Said it would be July 27 but a day early is a nice surprise. This is the final major debt holder so IMF debt relief is all but guaranteed. Decision should be reached in September with confirmation/press release on Nov/very early Dec at the latest.

Great work from the government.

Okay mashallah this is great news, It would be nice to see the day we are able to pay it full.

 

[bidenkulaha]

We snubbed them on Russian african summit. But got our partial loan forgiveness.

Impressive really but Russia isn’t exactly in the strongest position these days. They were the last Paris club member to agree debt relief

 

[sunnews27]

View attachment 284960

I talked about this trip and the Deputy PMs travel there a month or so ago. Said it would be July 27 but a day early is a nice surprise. This is the final major debt holder so IMF debt relief is all but guaranteed. Decision should be reached in September with confirmation/press release on Nov/very early Dec at the latest.

Great work from the government.

i would not be suprised if russia wanted manpower from africa . russia has low fertility rate