Italy exempts an Arab country from its debts

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Today, Friday, the Somali government signed a debt relief agreement with its Italian counterpart, as part of the Paris Club agreements.

The Somali National News Agency reported yesterday that the agreement was signed by the Somali government, Finance Minister Abdel Rahman Douali Bili, and on the Italian side, its Ambassador to Somalia Alberto Vicky, according to which Somalia was exempt from 1.4 billion last year.

The Somali Minister expressed his thanks and gratitude to His Excellency the Ambassador and to the Italian government in general for their unwavering support to the Somali people.

It should be noted that the Paris Club is an informal group made up of financial officers from 20 countries which are among the largest economies in the world, and they provide financial services such as debt rescheduling to indebted countries instead of declare them bankrupt or reduce the burden of debts by reducing interest on them and canceling debts between indebted countries and their creditors.