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Russia forgives Somalia's Soviet-era debt

"One hundred percent of the stated amount is consolidated in accordance with this agreement," the document reads

MOSCOW, December 20. /TASS/. The governments of Russia and Somalia have agreed to settle the African nation’s debt to Moscow.

The document dated December 10 was posted on the web portal of regulatory acts. According to the text of the agreement, the amount with interest accrued under long-term loans extended before October 1, 1984 by the Soviet government to Somalia is written off. The schedule to the agreement indicates that the total debt amount was $48.1 mln.

"One hundred percent of the stated amount is consolidated in accordance with this agreement," the document reads. "The government of the Federal Republic of Somalia is released from paying the full consolidated amount," the agreement stipulates.

The document is a follow-up to the Russian-Somalian agreement dated July 26, 2023 that set forth the debt repayment schedule. With Somalia now exempt from paying back Soviet-era loans, the schedule has been adjusted, and the remaining debt will be fully settled by April 2028.

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