MOGADISHU, July 27 (Reuters) - Russia has granted debt relief on over $684 million owed by Somalia in a deal finalised on the sidelines of a Russia-Africa summit in St Petersburg, officials from the Horn of Africa nation said.
Emerging from decades of civil war, Somalia is seeking to secure sweeping external debt relief under the International Monetary Fund (IMF) and World Bank's Heavily Indebted Poor Countries (HIPC) Initiative.
The agreement signed on Wednesday between Egeh and Russian deputy finance minister Timur Maksimov concerned Paris Club loans, Somali Deputy Prime Minister Salah Ahmed Jama told Russian state news agency RIA Novosti.
Somalia owed Moscow nearly $695 million in 2019, according to the IMF.
Reporting by Hereward Holland, Abdi Sheikh and Rachel Savage; editing by Joe Bavier and Mark HeinrichOur Standards: The Thomson Reuters Trust Principles.
Persons:
Bihi Egeh, Timur Maksimov, Salah Ahmed Jama, Jama, Vladimir Putin, Putin, pare, Hereward Holland, Abdi Sheikh, Rachel Savage, Joe Bavier, Mark Heinrich Our
Organizations:
International Monetary Fund, Somali Finance, Moscow, Paris Club, RIA Novosti, African, IMF, Thomson
Locations:
MOGADISHU, Russia, Somalia, Africa, St Petersburg, Horn of Africa, Egeh, Paris, Russian, Moscow, Ukraine