MOGADISHU, Somalia -- U.S. Ambassador Yamamoto and Somali Minister of Finance Beileh met in Mogadishu and signed a bilateral agreement to reduce and restructure debt owed by the Federal Government of Somalia (FGS) to three U.S. government agencies. Signing this agreement was possible because Somalia has implemented significant economic reforms in recent years and in March 2020 reached the first stage of debt relief, known as \u201cDecision Point,\u201d through the Heavily Indebted Poor Countries Initiative.\u00a0 When Somalia reaches the final stage, \u201cCompletion Point,\u201d the United States will have forgiven more than $1 billion in debt. We commend the FGS on its progress in pursuit of economic reform.\u00a0 Working through the debt relief process will allow Somalia to regain access to financial support from international financial institutions so that it can invest in poverty reduction and economic growth. The United States remains a committed partner to Somalia and is pleased to play a role in ensuring the economic success of the people of Somalia.