Finance minister meets Russian envoy on Somalia’s economic reforms

Somali finance minister, Abdirahman Duale Beileh has met with Russian ambassador to Somalia in Mogadishu.

The meeting which took place on Wednesday was discussed the status of the Horn of Africa nation’s economy.

In a Twitter post, the minister said he talked with Mikhail Golovanov on Somalia’s bid to convince international community to approve debt relief.

“I met with the Russian Ambasaador to Somalia H.E. Mikhail Golovanov today to discuss the status of the economic reform program guided by the IMF. We also discussed the process of Russia participating in the process of debt relief. We are committed to our reforms & development,” the minister said.

Somalia has not made a service or amortization payment since civil war broke out more than 25 years ago.

Somalia’s external debt amounts to approximately USD 4.7 billion, and debt cancellation is a key priority for the Somali Government.

A third of the debt is owed to the multilateral development banks, the World Bank and t I’mhe African Development Bank, and the International Monetary Fund (IMF).

The Somali government has been working to establish legal and technical capacities for revenue generation since 2017.

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