By Asha Elmi - Reporter
Somalia, 1 December 2025 – Somalia is set to finalize its debt relief agreement with the Paris Club by the end of 2025, according to Minister of Finance, Bihi Iman Egeh.The country has successfully negotiated debt forgiveness with nine of the ten creditor nations, leaving Spain as the last remaining creditor.Speaking on the Miizaan Podcast, broadcast by Dawan TV on Saturday, Minister Bihi shared that since the announcement of Somalia’s debt relief at the close of 2023, the country has made significant strides in talks with individual Paris Club members. "Nine out of the ten countries have already forgiven their debt, resulting in 100 percent of those debts being written off," Minister Egeh stated.Paris Club is an informal group of creditor nations that seeks workable solutions to payment problems faced by debtor nations.However, the minister noted that Spain has raised specific constitutional concerns regarding debt cancellation. Despite this, negotiations are progressing toward converting part of the remaining debt into investments for development projects. "We aim to finalize the process by the end of November 2025.”The minister also revealed that Somalia’s total debt stands at approximately $5.3 billion, with nearly $3 billion owed to Paris Club countries. He emphasized that the country has now achieved 97 per cent of its debt being forgiven.
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