economic

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…

Turkey's government emphasizes bolstering its relationship with Africa, acknowledging the continent's vast potential for economic growth. Expressing gratitude for Africa's unwavering support for Palestine, Turkey pledges to fortify diplomatic ties with this vibrant region. In a strategic move, Turkey has ramped up investments across Africa, with President Recep Tayyip Erdogan touring more than 31 countries, passionately advocating for stronger connections between Ankara and the African bloc. During a recent…

Riyadh (AX) — In a significant move for regional business prospects, Somali Foreign Affairs Minister, Ahmed Maalam Faqi, met with the Saudi Minister of Investment, Eng. Khaled bin Abdul Aziz Al-Falah, in the vibrant heart of Riyadh this Monday. Their goal? To explore investment and trading opportunities that could benefit both Somalia and Saudi Arabia.Engaging in lively dialogue, the ministers outlined sectors teeming with potential for economic collaboration, focusing on Somalia’s abundant resources. "Somalia offers a…

The government has announced an ambitious 25-year development strategy designed to enhance competitiveness, promote sustainable resource management, and uphold exemplary governance, establishing a foundation for economic autonomy. Dubbed "Senegal 2050," this initiative aspires to raise per capita income by an impressive 50% over the next five years. There’s also a goal to extend the average life expectancy by three years and to mitigate national debt and fiscal deficits. The overarching intention is to diminish reliance on…

How Digital Banking is Transforming Somalia's Economy MOGADISHU, Somalia - The digital tidal wave sweeping through banking is poised to reshape Somalia's economic landscape, which is currently on an upswing thanks to improved security in various locales. Somalia's National Digital ID initiative aims to revolutionize banking services, spurred on by a collaboration between the National Identification and Registration Authority (NIRA) and the Somali Bankers Association (SBA). Abdiwali Tima'adde, the top honcho at NIRA, believes…

ANKARA (AX) — Somali Ambassador to Turkey, Fathudin Ospite, joined a gathering of East African envoys in Ankara on Friday. They convened to explore ways to boost economic and trade connections between Turkey and the East African region.Somalia, which recently became a member of the East African regional bloc, was officially welcomed into the fold during this meeting.The ambassadors emphasized the need to intensify their bonds with Turkey, especially focusing on trade and economic cooperation.In recent years, Turkey has been…

BGS 2024 Forum: Unpacking Fintech's Role in Somalia's Economic Landscape MOGADISHU, Somalia - The annual Somalia’s Success Stories, organized by Hormuud, a leading telecommunications giant in the country, is all set to unfold on October 16, 2024, at the Sahal venue in Mogadishu. Next month, we'll witness the third edition of this influential forum. Previously, the BGS forum provided a deep dive into Somalia's economic fabric, shedding light on both the growth potentials and the formidable challenges facing the nation. It…

The research falls into two segments: "The Cost of Inaction: Impacts of WFP Assistance Shortfalls on Food Security Outcomes in Somalia" and "The Cost of Inaction: Impacts of WFP Refugee Assistance Shortfalls on Food Security Outcomes in Uganda." In 2021, the United Nations World Food Program (WFP) reached 34.4 million folks in East Africa through initiatives like providing school meals and specialized food for at-risk groups. Fast forward a year, and East Africa saw the number of food-insecure people balloon to 82 million.…

‘The development in Mogadishu is promising – but we just want to be part of it.’ MOGADISHU - The city is undergoing a massive construction boom that's reshaping its skyline. However, while investors pour their funds into new apartment complexes and shopping hubs, the wealth gap is also widening dramatically. This is a harsh reality for the hundreds of thousands displaced by war and drought, struggling to eke out an existence. After clan-based violence tore apart the coastal city in the '90s, Mogadishu hit a developmental…