https://en.sputniknews.africa/20241221/russia-cancels-481-million-debt-to-somalia-on-loans-issued-by-the-ussr-1069823061.html
Russia Cancels $48.1 Million Debt to Somalia on Loans Issued by the USSR
Russia Cancels $48.1 Million Debt to Somalia on Loans Issued by the USSR
Sputnik Africa
The signed agreement develops the provisions of the Russian-Somali agreement of July 26, 2023, which established a schedule of debt repayment. 21.12.2024, Sputnik Africa
2024-12-21T09:13+0100
2024-12-21T09:13+0100
2024-12-21T09:13+0100
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The Russian and Somali governments have signed an agreement on the settlement of the African country's debt to Moscow, according to a document dated December 10, which was recently published by the Russian government.According to the text of the agreement, the amount with interest accumulated on long-term loans provided by the Soviet government to Somalia until October 1, 1984, will be written off. As stated in a list attached to the agreement, the amount of this debt is $48.1 million.Now, taking into account Mogadishu's exemption from payments on Soviet loans, this schedule is adjusted, and the entire remaining debt will be paid by April 2028.
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international, somalia, soviet union (ussr), russia, loan, debt, debt restructuring, debt relief, russia-africa cooperation, east africa, horn of africa
Russia Cancels $48.1 Million Debt to Somalia on Loans Issued by the USSR
Muhammad Nooh Osman
Writer/Editor
The signed agreement develops the provisions of the Russian-Somali agreement of July 26, 2023, which established a schedule of debt repayment.
The
Russian and Somali governments have signed an agreement on the settlement of the African country's debt to Moscow, according to a document dated December 10, which was recently published by the Russian government.
According to the text of the agreement, the amount with interest accumulated on long-term loans provided by the Soviet government to
Somalia until October 1, 1984, will be written off. As stated in a list attached to the agreement, the amount of this debt is $48.1 million.
"100% of the said amount will be consolidated in accordance with this agreement," the document says. "The Government of the Federal Republic of Somalia shall be exempt from repayment of 100% of the consolidated amount."
Now, taking into account Mogadishu's exemption from payments on Soviet loans, this schedule is adjusted, and the entire remaining debt will be paid by April 2028.
