Washington, DC The International Monetary Fund (IMF) and the World Bank’s International Development Association have determined that Somalia has taken the necessary steps to begin receiving debt relief under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. Somalia is the 37th country to reach this milestone, known as the HIPC Decision Point. Debt relief will help Somalia...
Abiy Ahmed urges G20 countries to provide $150B financing package, African finance ministers call for $100B ADDIS ABABA, EthiopEthiopia’s prime minister has put forward a three-point proposal on how G20 countries can help African countries cope with the coronavirus pandemic. The first point of the plan proposed by Abiy Ahmed calls for a $150 billion...
ABIDJAN, Ivory Coast- APO Group/ — The African Development Bank (AfDB.org) and African Development Fund today approved a framework for $122.55 million to clear Somalia’s arrears, paving the way for the Bank Group to fully reengage with Somalia and opening opportunities for enhanced financing for the country. The historic Framework for Somalia’s Arrears Clearance and a...
ABIDJAN, Ivory Coast — Five Horn of Africa countries have launched an initiative to forge closer economic ties, building on the improving political climate in the sub-region. The initiative was formalized on 18 October, on the sidelines of the World Bank Group/IMF Annual Meetings in Washington DC. The countries agreed on priority projects and programs...
By Ali S. Yusuf The latest update on Somalia’s economy issued by the World Bank on Monday, September 9th, 2019, highlights impressive figures posted by the Horn of Africa nation with growth projected to rise in the coming years. According to the Bank, “Somalia’s economy is expected to grow by 2.9% this year, from 2.8%...
By Fatheya Yallas In this era of economic codependency having access to international markets is imperative, as emerging democracies such as Somalia and South Sudan find ways to return to international regulatory system an effective monetary policy plays a vital role. Out of the ashes of civil war a failed state has to reconcile differences...
SEOUL, Republic of Korea- Sunhak Peace Prize Laureate Akinwumi Adesina has pledged to do more to advance Africa’s fight against hunger, poverty and youth underemployment. The President of the African Development Bank, and co-Laureate Waris Dirie, a global champion against Female Genital Mutilation, shared the prestigious US $1million dollar prize at an award ceremony held...
ADDIS ABABA, Jan.16 (Xinhua) — The Ethiopian Roads Authority (ERA) on Wednesday signed a road construction agreement worth about 33 million U.S. dollars with Chinese firm Sinohydro Corporation. In a press statement, ERA said Sinohydro Corporation is expected to upgrade the 80.5 km Gedo-Menabegna gravel road to asphalt concrete level. “The financing for the asphalt...
ABIDJAN, Ivory Coast, — The details of the “Desert to Power Initiative” have been outlined as part of the Paris Agreement climate change talks at COP24 in Katowice, Poland this week. Energy poverty in Africa is estimated to cost the continent 2-4 % GDP annually, according to the African Development Bank (AfDB) which is leading...
By Abdi Dagal Faahiye This article is part one of a series on corruption and misappropriation of public funds within the Ministry of Finance, Federal Government of Somalia. In Somali politics, corruption is the name of the game. To understand this, one shouldn’t look far than the norms at play in public institutions. Its culture seems...