(13-05-23) MOGADISHU – Somalia’s Minister of Finance, Dr Elmi Mohamud Noor, has signed a debt restructuring deal with the Saudi Arabia Development Fund. The agreement, reached during a meeting in Jeddah, Kingdom of Saudi Arabia, between Dr Noor and the Director General of the Saudi Arabia Development Fund, Sultan Abdulrahman Al-Marshad, is expected to bring significant relief to Somalia’s struggling economy.
Under the terms of the agreement, the repayment period of Somalia’s loan with the Saudi Arabia Development Fund will be delayed. This move aims to provide the Somali government with much-needed breathing room to focus on financial reform and economic development initiatives.
Dr Noor expressed his gratitude to the leaders of the Saudi Arabia Development Fund, stating, “We are thankful for the significant role played by the Fund in the process of financial reform and economic development in Somalia.” He also emphasized the importance of such agreements in paving the way for Somalia to achieve complete debt relief.
The Minister of Finance is currently attending the annual meeting of the Islamic Development Bank in Jeddah, where he is holding special meetings with the heads of various Arab financial institutions to further discuss debt relief options for Somalia. This recent agreement with the Saudi Arabia Development Fund is a promising step forward in Somalia’s journey towards economic stability and growth.
As Somalia continues to rebuild its economy and infrastructure, the support and cooperation of international financial institutions such as the Saudi Arabia Development Fund are crucial in ensuring a brighter future for the Somali people.
© Halqabsi News
