debt

In a poignant announcement, Somalia's Minister of Finance, Bihi Iman Egeh, heralded a defining achievement: the nation has successfully cleared approximately $4.5 billion in debt. This monumental accomplishment, attained through the Heavily Indebted Poor Countries (HIPC) Initiative spearheaded by the International Monetary Fund (IMF), perhaps turns a promising page in Somalia’s ongoing narrative. Who would have thought that such reformative strides could bring a country closer to financial stability? Egeh spoke…

For nearly a month now, the judicial system has come to a standstill, with magistrates resolute in their decision to abstain from their duties. This protest stems from persistent grievances regarding subpar working conditions and insufficient salaries. As a result, countless court cases have languished in limbo, leaving many seeking justice in a precarious state of uncertainty. The National Trade Union of Magistrates, known as SYNAMAG, has voiced strong disapproval toward the government’s apparent neglect of the judiciary.…

Mogadishu (AX) – In a move as monumental as it is symbolic, the Somali government has resolved a debt dispute with the Abu Dhabi Development Fund (ADFD) originating from the ill-fated Juba Sugar Factory project. This triumph sees $257 million etched off the slate, an encouraging milestone in Somalia's ambitious economic revival plan. Amid the opulence of Dubai and the stimulating atmosphere of the World Government Summit, a simple yet momentous act took place. Somalia’s Finance Minister, Bihi Iman Igeh, alongside ADFD’s…

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…

In a significant move, the Somali Minister of Finance, Bihi Egeh, placed his signature on the dotted line next to the US ambassador. (Image courtesy of the US Embassy in Mogadishu, Somalia.) Chronic turmoil involving warlords and piracy has long plagued this corner of Africa. Amidst such challenges, the USA gave Somalia a bit of financial breathing room by forgiving a hefty $1.1 billion (£860m) in debt. This reveals a new chapter for Somalia as it announces the cancellation of about a quarter of its total debt through…

Nairobi, AX — Somalia's government made waves on Thursday, announcing a significant milestone in their quest for economic stability. They've struck a deal with Japan to wipe out $100 million in debt, a move that aligns with their broader push for economic progress and debt resolution. Somalia's Finance Minister, Bihi Egeh, joined forces in Nairobi with Japanese Deputy Head of Mission Ogihara Hiroshi to seal this landmark arrangement. This act marks a substantial leap in Somalia’s debt cancellation journey. As Finance…

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…

U.S. Approves Over a Billion Dollars for Somalia's Debt Forgiveness as Trump Wins Election MOGADISHU, Somalia - In a move cloaked under the shadow of Donald Trump's electoral triumph, the United States endorsed a hefty $1.14 billion debt relief package for Somalia. This development follows the East African nation's rigorous economic and financial reforms. This financial respite, officials disclosed, intends to…

In the bustling city of Mogadishu, there's a breath of fresh air as the U.S. has lifted a heavy burden off Somalia's shoulders. A staggering $1.14 billion in debt has been forgiven, setting the stage for the nation to rebuild its economy and strengthen vital public services. During a spirited announcement, U.S. Ambassador to Somalia, Richard Riley, highlighted this decision as a testament to America’s solid dedication to Somalia's promising future. "With this debt forgiveness, we're showing our steadfast support for the…

Mogadishu (AX) — In a monumental financial shift, Somalia has seen $1.14 billion in debt forgiven by the United States, signaling a significant stride towards achieving economic stability and revitalizing fundamental public sectors. Richard Riley, the US Ambassador to Somalia, shared this news in Mogadishu, emphasizing America’s strong dedication to bolstering Somalia’s future. Emboldened by this support, Riley stated, "This debt cancellation underlines our unwavering commitment to aid the Somali people in their pursuit…