economic

Monday January 13, 2025 Under the golden yet oppressive Californian sun, Hussein Mohamud Bulow finds himself contemplating the menu at his quaint Somali eatery tucked away in southern Los Angeles. It's hard not to notice the weight on his shoulders as he wistfully recalls better days before the thick shroud of smoke and ash from the encroaching wildfires turned life topsy-turvy. These blazes have painted a rather grim picture, discouraging Angelenos from venturing out for a meal and leaving local business owners, like…

Mogadishu — Off the shimmering Somali coast, where the endless waves whisper secrets of the deep, a game-changing adventure is underway. Somalia, a nation poised at the crossroads of opportunity and challenge, is setting the stage for what could be its grandest economic revival—or its most precarious gamble. Picture this: a Turkish-owned research vessel slicing through the azure waters, its mission as ambitious as it is daring. By April 2025, the Oruc Reis vessel—Turkey’s pride and joy—aims to uncover untapped oil and gas…

Today, an intriguing diplomatic exchange unfolded as Ethiopia's State Minister of Foreign Affairs, Ambassador Mesganu Arga, sat down for a chat with Vincent D. Spera, the U.S. Deputy Assistant Secretary of State for East Africa, Sudan, and South Sudan. From the onset, Ambassador Mesganu didn't mince words. He drove home the point that Ethiopia and the U.S. need to crank up their relationship, especially where peace and security are concerned. For Mesganu, the magic word is "economic." He passionately delved into Ethiopia’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 the bustling city of Frankfurt, an intriguing meeting took place between Somali President Hassan Sheikh Mohamud and Christoph Kannengiesser, CEO of Afrika-Verein. The venue? The renowned German-African Investment Conference. Their purpose was clear: forging stronger economic ties and boosting investment between Somalia and Germany. The event was covered extensively by SONNA, Somalia's National News Agency. FRANKFURT, Germany (AX) — In a spirited rallying cry, President Hassan Sheikh Mohamud spoke with great enthusiasm 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…

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…