debt

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…

Somalia Embassy Refutes Contractor's $256,000 Claim in Nairobi NAIROBI, Kenya - Somalia firmly denies allegations suggesting it owes a contractor a substantial $257,000 for embassy renovations in Nairobi. This response comes in light of a legal claim demanding full payment for purported services rendered. Mohamud Ahmed Nur Tarsan, previously Somalia’s envoy to Kenya, swiftly dismissed the accusations as 'groundless and unfounded.' He asserted that the contractor had been compensated completely and labeled the claims as…

A snapshot captures the Nairobi Expressway in Nairobi, Kenya, on May 8, 2022. REUTERS/Thomas Mukoya/File Photo Purchase Licensing Rights Kenya's auditor general has embarked on a thorough examination of the nation's debt, aiming to quantify what is owed to different creditors, Finance Minister John Mbadi revealed to Reuters on Monday. In the heart of East Africa, Kenya's debt is towering at 10.5 trillion shillings ($81.71 billion). The audit of these borrowings was a critical outcry from anti-tax hike demonstrators in…

Somalia contended that the embassy's accounts at Premier Bank Limited should be shielded by diplomatic immunity. Yet, Justice Mabeya pointed out that Article 31 of the Vienna Convention on Diplomatic Relations (1961) doesn't cover commercial dealings. He decreed that sovereign immunity is inapplicable to states partaking in business activities like contractual engagements. The Somali embassy's envoy, Jabril Ibrahim Abdulle, declared in an affidavit that the contested funds comprised fees from those applying for passports…

A historic trial five years ago, this corruption case had plunged the country into the most serious financial crisis since its independence and involved part of the Mozambican political class. On the bench off the accused: nineteen people, accused of extortion, forgery, embezzlement or even money laundering, for amounts of…

MOGADISHU, Somalia - The Federal Republic of Somalia should use debt relief to repair dilapidated health infrastructure, suggests a report compiled by Amnesty International, as the country now struggles to contain the Covid-19 situation. The report was titled 'We Just Watched Covid-19 Patients Die' - Covid-19 Exposed Somalia's Weak Health System, But Debt Relief Can Transform It, Shows How Covid-19 Revealed a series of pre-existing weaknesses in Somalia's health system. At least more than 40 people were interviewed,…

The summit on the financing of African economies can be held in Paris on Tuesday 18 Could. In April 2020, a moratorium was established by the Paris Membership and the G20 for greater than 70 international locations. This deferral of curiosity funds, which has been prolonged till the tip of June 2021, covers $ 5.7 billion. Senegal is apprehensive, amongst different issues. What was using this…