Somalia: Russia Forgives $684 Million Debt

Somali officials have indicated that Russia has forgiven their country over $684 million in a deal reached during the Russia-Africa Summit in St. Petersburg. Somali Finance Minister Bihi Eman Iigi stated about the agreement with Moscow in a post on the ministry's Facebook page, "This step will play a major role in completing the country's debt relief process." Deputy Prime Minister Saleh Ahmed Jameh told the Russian news agency (RIA Novosti) that the agreement signed yesterday (Wednesday) between Iigi and Russian Deputy Finance Minister Timor Maksimov pertains to debts associated with the Paris Club. Jameh added that under the agreement, part of the debt will be canceled immediately, while another part will be subject to a repayment rescheduling.