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In a bilateral agreement that the United States government signed with federal Somalia, on Sunday, the United States renounced the billion-dollar debt that the latter owed it.
The agreement between the two parties was signed at the US Embassy in Mogadishu.
Somalia’s Acting Finance Minister Abdirahman Beileh and Ambassador Donald Yamamoto signed for the two sides respectively.
The newly appointed Prime Minister of the FGS, Mohamed Hussein Rooble, was present at the event.
According to Ambassador Yamamoto, this was part of a huge debt that Somalia owed to three US agencies.
Dr. Beileh, in a tweet, later bragged how successful Somalia has been of late in convincing creditors to pay off debts.
Minister Beileh saw the debt cancellation by the United States as another manifestation of “a strong supporter of our economic reforms” as testimony to a “Somalia committed to progress.” The rest of the world, however, can justifiably object to the veracity of this last statement.
The United States was Somalia’s largest creditor. Much of that $ 1 billion debt to the United States that was canceled today was owed to the Pentagon, because the funds were used primarily for military purposes, not development, in Somalia in the 1980s.
The United States, in addition to actively waging counteroffenses and airstrikes against Somalia’s Al-Shabaab to help keep Somalia’s weak government in power, has recently disclosed that it alone has invested more than $ 5 billion to support it in increasing your security capabilities.
In all, Somalia’s debt to the IMF, the World Bank, the United States, the Paris Club, and European creditors amounted to about $ 4.6 billion.
A spree to free Somalia from its debt burden has gained momentum this year and most creditors have taken huge amounts off their ledgers.
Just last week, an IMF team sent to Mogadishu to assess how meritorious the country was in expanding credit lines recommended that it be possible.
Inexplicably, while the world can be commended in its attempt to rescue Somalia from the grave it dug for itself over the past 30 years, it failed miserably to allocate a fraction of the billions that entered Somalia to an established democracy of big hit next. – the Republic of Somaliland.
All proceeds from debt relief go to Villa Somalia, and none to Somaliland, demonstrating how hypocritical the international community can be with regard to peacebuilding, development and democracy promotion.
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