deal

IMF, Somalia Reach Staff-Level Deal That Could Unlock $30 Million Somalia has secured a staff-level agreement with the International Monetary Fund that could release roughly $30 million in fresh financing, a timely boost as the government faces tighter aid flows, the bite of climate shocks, and the demanding work of rebuilding a post-debt-relief economy. The agreement, announced Sunday after two weeks of talks in Washington and Mogadishu, will go to the IMF Executive Board in the coming weeks. If endorsed, it would mark…

Somalia hails Sharm el-Sheikh ceasefire framework, calls it a ‘genuine step’ toward peace Somalia has welcomed a ceasefire framework announced in Sharm el-Sheikh, Egypt, saying the effort to halt the war between Israel and Hamas could open a narrow but crucial window for humanitarian relief and political talks long seen as out of reach. In a statement late Thursday, Somalia’s Ministry of Foreign Affairs voiced support for the regional and international mediation that produced the agreement, which aims to secure a…

Puntland State’s opposition rejects reported North Western State of Somalia understanding — and the political ground shifts In Garowe, the political heart of Puntland State, four opposition parties walked into a hastily called meeting and walked out with a message sharper than usual for Somalia’s notoriously tempered political language: whatever “understanding” was reportedly reached between Puntland State and neighboring North Western State of Somalia, they want no part of it. The parties — Ifiye, Mustaqbal, Mideeye, and…

Ethiopia Bets on Homegrown Fertilizer as Dangote Signs $2.5 Billion Deal in Somali Region For a country where seven in ten people make a living from the land, the announcement landed with the weight of a good rain. Ethiopia will partner with Nigeria’s Dangote Group to build one of the world’s largest urea fertilizer complexes in Gode, in the Somali Regional State—an arid corner better known to many Ethiopians as a frontier than a factory town. The deal, framed as a bid for “food sovereignty,” is also a test of whether East…

Rwanda's Bold Move: A New Chapter in Migration Policy In a world where migration is often a contentious topic, Rwanda has taken a significant step that reflects both its historical context and its current ambitions. A recent agreement with the United States has paved the way for Kigali to accept up to 250 migrants deported from the U.S. This partnership, which was formalized in June, marks a deepening of relations between the two nations and underscores Rwanda's evolving role as a hub for humanitarian support. The…

In a significant move, Resolute Mining, an Australian-based company, has agreed to pay a hefty sum of $160 million to the Malian government in a bid to settle an ongoing tax dispute. This decision comes on the heels of a troubling incident where Mali's authorities detained the company’s CEO, Terence Holohan, along with two other staff members during their trip to Bamako for what was supposed to be routine negotiations with the current regime. As tensions rise, the spotlight on foreign mining operations in Mali grows ever…

In a key move for Somalia's financial future, Finance Minister Bihi Iman Egeh inked a pivotal debt relief deal with Denmark's representative, Ambassador Steen Sonne Aderson, in the bustling city of Mogadishu on a vibrant Monday. This latest agreement reflects the positive outcomes from the notable discussions held by the Paris Club back in March 2024, another feather in the cap of Somalia’s ongoing economic reform crusade. The ministry enthusiastically declared, "The national reform efforts and debt forgiveness successes…

Somalia's President, Hassan Sheikh Mohamud, gathered with Germany's Chancellor, Olaf Scholz, in Berlin from November 5-6, 2024. The photo credits: Hannes P. Albert / picture alliance. Recently, Germany and Somalia unveiled a new agreement, sparking varied reactions and opinions. Historically, similar attempts to repatriate migrants have often faced challenges and shown limited success, as noted by several experts. On November 6, after their meeting in Berlin, Scholz and Mohamud declared their intention to return more…

In a significant move, Somalia has announced the cancellation of over $1.1 billion in loans, roughly a quarter of their outstanding debt. Wow, isn't that a breath of fresh air? This declaration follows a string of similar commitments by lenders, freeing Somalia from financial shackles. The burden originated chiefly during Siad Barre's authoritarian rule, the aftermath of which led to civil chaos lasting three decades. The saga of heavy debt continued to loom large until now. President Hassan Sheikh Mohamud described the…

Mogadishu (AX) — In a significant move towards bolstering Somalia's defense potential, Somali Defense Minister Abdulkadir Mohamed Nur shook hands on a financial defense pact with Turkey's Defense Minister, Yaşar Güler.The ceremonious event held in Turkey on Monday saw representatives from both Mogadishu and Ankara converge, underscoring the agreement's potential to both enhance Somalia’s defense infrastructure and elevate the two nations’ partnership.According to reports from Somali state-owned outlets, this fresh accord…