27.07.2023, 08:49
Somalia and Russia have signed two debt settlement agreements
Source: OREANDA-NEWS
OREANDA-NEWS Somalia and Russia have signed two agreements on the settlement of Mogadishu's debts to Moscow totaling more than $ 690 million - part of this amount will be paid according to the new payment schedule, and part will be written off, Somali Deputy Prime Minister Salah Ahmed Jama told RIA Novosti.
The signing ceremony was held on the sidelines of the Russia-Africa summit.
"This is a historic moment in relations between Russia and Somalia. We had the opportunity to sign two historical documents, one of which concerns a debt of 7.5 million dollars on blocked funds in accounts with the Central Bank of Somalia in 1961. And the second document concerns a debt of more than $ 684 million, which is part of the loans allocated through the Paris Club," the Deputy Prime Minister said.
Answering a clarifying question whether the signing of the two agreements means that Somalia no longer has debts to Russia, the Deputy Prime Minister explained: "These are the documents that have been accepted. A consistent approach is applied to the part (funds - ed.) with agreements on the structure (payments - ed.), and the part will be written off immediately."
"We are very pleased that after many years of negotiations, we have finally been able to sign these two documents, which are extremely important for Somalia. We thank Russia and its people. This is a huge amount of money and (signing documents - ed.) brings our goal of straightening out our financial and monetary policy closer," he concluded.
The signing ceremony was held on the sidelines of the Russia-Africa summit.
"This is a historic moment in relations between Russia and Somalia. We had the opportunity to sign two historical documents, one of which concerns a debt of 7.5 million dollars on blocked funds in accounts with the Central Bank of Somalia in 1961. And the second document concerns a debt of more than $ 684 million, which is part of the loans allocated through the Paris Club," the Deputy Prime Minister said.
Answering a clarifying question whether the signing of the two agreements means that Somalia no longer has debts to Russia, the Deputy Prime Minister explained: "These are the documents that have been accepted. A consistent approach is applied to the part (funds - ed.) with agreements on the structure (payments - ed.), and the part will be written off immediately."
"We are very pleased that after many years of negotiations, we have finally been able to sign these two documents, which are extremely important for Somalia. We thank Russia and its people. This is a huge amount of money and (signing documents - ed.) brings our goal of straightening out our financial and monetary policy closer," he concluded.
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