Biden Regime Writes Off $1 Billion of Somalia’s Debt

Where’s debt relief for the millions of Americans economically hurting due to Joe Biden’s economic policies?

On November 5, 2024, the United States and Somalia hammered out an agreement where the Biden regime canceled over $1 billion debt owed the East African nation. 

Somalia is one of the most unstable countries on the planet that has been mired by decades of civil war and an Islamist insurgency being spearheaded by militant group al-Shabaab. It’s a polity that teeters between failed state status each passing year, which makes it highly dependent on international aid. 

This latest debt relief announcement came a day after the Somali parliament approved a $1.36 billion national budget for 2025.

The debt relief deal was consummated by Somalia’s Finance Minister Bihi Egeh and the US ambassador to Mogadishu, Richard Riley. The US diplomat described it as a “great day.”

At the signing ceremony, Riley stated that the agreement forgives Somalia’ $1.14 billion debt to the US. 

According to Riley, this was the largest single plank of a total of $4.5 billion in debt owed to several countries that was forgiven under a deal forged with the International Monetary Fund and World Bank in December.

“Somalia, with the help of the United States and our international partners, undertook a host of reforms passing new laws, changing the way it operates, bringing improved accountability to its finances and moving towards sustainable practices,” he continued.

In a post on Twitter, Egeh praised the US for its “unwavering support of our economic reforms and growth.”

The US embassy announced that the debt relief was on top of the $1.2 billion in development, economic, security, and humanitarian aid that the Biden regime has doled out to Somalia in 2024. Egeh described the US as a “steadfast partner” for the Somali people. 

Close to 70% of Somalia’s population makes less than $1.90 a day, per World Bank figures. According to the Federal Reserve Bank of St. Louis, the per capita GDP of Somalia is $644.

Somalia is a total basket case nation. That’s not up for debate. While its living standards are deplorable, the US government should not be subsidizing Somalia, much less import its impoverished masses into the US.  If bleeding hearts want to help Somalia, they should do it on their own dime.