Somalia gets debt relief as African leaders attend Putin’s summit
Deputy Minister of Finance Timur Igorevich Maksimov (L) and Somalia Finance Minister Bihi Iman Ige shake hands after signing a debt relief agreement in Saint Petersburg, Russia on 27 July 2023. PHOTO | MINISTRY OF FINANCE - SOMALIA
Somalia has received a debt relief worth $684 million as Moscow began enticing African leaders at the start of the second Russia-Africa Summit in St Petersburg.
The two sides signed an agreement for Moscow to forgive $684 million. Somalia’s Finance Minister Bihi Iman Ige signed the agreement with Russian Deputy Minister of Finance Timur Igorevich Maksimov. The money was lent to Somalia before its collapse into civil war but the gesture by Russia represents its renewed interest in reaching out to African countries as it battles isolation by the West.
