In the remote village of Tum, located 4,650 feet above sea level and just 20 to 30 kilometers from Ethiopia’s border with South Sudan, Meskerem Tadesse’s life has been transformed. A mother of four, Meskerem once spent hours every day on tasks made harder by the lack of electricity. She gathered firewood daily to cook...
Ethiopia’s public debt has reached a total of $68.86 billion by June 2024, according to the Ministry of Finance’s recently released Public Sector Debt Portfolio AnalysisNo. 25. This figure represents 32.9% of the nation’s GDP, marking a decline from 57.2% in 2019, signaling progress in managing debt levels. However, the report highlights ongoing challenges that demand...
KIAMBU, Kenya (AP) — Turn into Tatu City on the outskirts of Kenya’s capital, Nairobi, and it feels like entering a different world. Even the country’s most reckless drivers are transformed, slowing to a crawl and not tossing trash out the window — thanks to surveillance cameras and rigorously enforced penalties for speeding and littering. For the...
NAIROBI/ABU DHABI (Reuters) – Kenya has started discussions with the United Arab Emirates to secure financing to complete a regional railway, President William Ruto said, after China cut infrastructure funding to the project. The railway connecting the Kenyan port of Mombasa with landlocked neighbours, as part of China’s Belt and Road Initiative, ended in the...
LONDON (Reuters) – Some World Bank staff have criticised an assessment of Ethiopia’s finances conducted with the International Monetary Fund, questioning whether the analysis that underpins the country’s debt restructuring may be “faulty”. In an internal paper seen by Reuters, World Bank consultant Brian Pinto and its chief economist Indermit Gill assess the Debt Sustainability...
By Abdiqani Haji Abdi The Lasanod war, concluded a year ago as part of the broader SSC conflict, marked a defining moment for Somaliland, both politically and economically. One of its most devastating outcomes was the loss of the critical trade corridor through Lasanod, a lifeline that historically supported up to 75% of Somaliland’s bulk...
By Mohamed Olad Hassan, VOA Washington — In a landmark event for Somalia, President Hassan Sheikh Mohamud on Thursday officially launched the “New Mogadishu” development initiative, a transformative project that aims to reshape the capital’s economic landscape. The initiative includes construction of a modern airport, a port and a key economic zone, all focused on fostering...
The agreements support the deployment of Somali workers to Saudi Arabia as it prepares to host the 2034 FIFA men’s world cup. Despite explicit recommendations from the International Labour Organization (ILO) in 2022 to add worker protections to the deals to comply with international labour standards, they were signed without a single amendment. ITUC General...
Washington, DC– On December 9, the Executive Board of the International Monetary Fund (IMF) completed the 2024 Article IV Consultation and second review under the Extended Credit Facility (ECF) arrangement for Somalia. The Board’s decision enables the immediate disbursement of SDR 7.5 million (about US$ 10 million), bringing Somalia’s total disbursement under the Extended Credit Facility (ECF) to SDR 45 million (about...
(Reuters) – Adani Energy Solutions (ADAI.NS), said on Saturday that Kenya’s cancellation of a $736 million transmission line project did not require it to make any regulatory disclosure under Indian stock exchange rules as it was within its ordinary course of business. It said it was responding to a request for clarification from the Bombay Stock...