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According to recent reports, the UK armed forces are poised to receive a substantial £3 billion boost. This financial injection comes as Rachel Reeves gears up to present the Labour government’s inaugural Budget. Diving into the details, the Chancellor plans to delineate an uptick in defence spending for the upcoming year during her address in the House of Commons. A portion of this windfall will be earmarked for a pay increase for soldiers retroactively effective from April, as noted by the Telegraph. Additionally, these…

 The Somali administration has greenlit a federal budget of $1.34 billion for 2025. This represents a hefty 24.4% uptick from last year’s allocation of $1.079 billion. This financial boost stems from an uptick in local earnings and the need to tackle ongoing expenses, with homegrown revenue expected to hit $429.4 million, up 24% from $346.2 million in 2024.Taking a gander at the 2025 budgets of East African Community (EAC) nations:Kenya: $31.9 billion (up by 3.1% from 2024/25) Uganda: $19.61 billion (a whopping 36% increase)…

MOGADISHU, Somalia - In a fresh fiscal launch, the Somali government nodded to a $1.3 billion budget for the year 2025. This allocation marks a modest uptick from last year's financial forecast, putting the onus on the Treasury to scrounge up funds by revamping the nation’s economic systems. Lending their spirits to this financial framework, Prime Minister Hamza Abdi Barre’s cabinet gave the green light shortly after the National Consultative Council (NCC) meeting wrapped up. This gathering converged the brains from…

Mogadishu (AX) – At a special gathering led by Prime Minister Hamza Abdi Barre, Somalia's Cabinet of Ministers gave the green light to a whopping $1.3 billion budget for 2025. This decision was made during an urgent session held on Tuesday. This budget showcases a 24.4% jump from the previous year's allocation, all thanks to a surge in home-grown revenue. The Ministry of Finance spilled the beans, revealing that the budget for 2025 had ballooned by $263 million compared to the $1.08 billion earmarked for 2024. “Ramping up…

"The definition requires broadening because businesses are indulging in activities that, while not criminal, significantly impact domestic resource mobilization." The world lacks a clear, universally agreed-upon explanation of illegal financial flows (IFFs), resulting in a myriad of interpretations. Illicit financial flows encompass unauthorized or unethical financial exchanges across borders, including money laundering, tax dodging, and the financing of terrorism. These flows seriously threaten, particularly impacting…

In a significant move, President Joe Biden has unveiled over $8 billion in military aid aimed at assisting Ukraine in its struggle against Russian aggression. This announcement coincided with a visit from Ukrainian President Volodymyr Zelensky, marking a pivotal moment in the U.S.'s commitment to supporting Ukraine's defense efforts. The package features the debut shipment of a precision-guided glide bomb, known as the Joint Standoff Weapon (JSOW), which boasts an impressive range of up to 130 kilometers. This medium-range…

Kenya’s administration is on the cusp of securing a hefty $1.5 billion loan from the United Arab Emirates at an 8.2% interest rate, aiming to address the financial shortfall plaguing the East African nation, a source in the know told Reuters. "Kenya is broadening its budget support sources," noted the insider, hinting that "the deal is practically in the bag." The finance ministry and central bank of the UAE didn't immediately respond to requests for a statement. Kenya's Finance Minister John Mbadi and top ministry…

Kenya's foreign exchange reserves have hit an all-time peak of $7.85 billion as of Thursday, notching up gains for the third week in a row, according to the Central Bank of Kenya (CBK) in its latest financial market update unveiled on Friday evening.Folks gather at the International Floriculture Trade Expo in Nairobi, Kenya, on June 5, 2024. (Photo by John Okoyo/Xinhua)Kenya's foreign exchange reserves have hit an all-time peak of $7.85 billion as of Thursday, notching up gains for the third week in a row, according to the…

Public Health and Professional Standards PS Mary Muthoni in Nairobi on September 18, 2024. Image: HANDOUT Kenya's proposed Sh6.7 billion Mpox response fund has been flagged as insufficient and misprioritized, according to various advocacy groups. Critics have pointed out a glaring omission: there's no budget allocation for vaccine procurement. Speaking in Nairobi, these groups urged the government to reallocate funds towards crucial areas like vaccine acquisition, advanced diagnostics, and community education. The…