Somalia has signed a $306.5 million debt relief agreement with the Arab Monetary Fund (AMF), marking a significant step in the country’s ongoing economic reform agenda. The deal, described by the Somali government as a critical milestone, is expected to strengthen the nation’s path to financial stability and facilitate renewed cooperation with international lenders.
Finance Minister Bihi Egeh hailed the agreement as a vital boost to Somalia’s debt relief efforts and essential for the country’s continued engagement with the AMF.
The signing ceremony took place in Kuwait, further signalling growing international confidence in Somalia’s reform progress and economic direction. According to the AMF, the agreement involves restructuring the debt Somalia owes to the Abu Dhabi-based institution, which supports financial stability and development among Arab member states.
