Browsing Tag

financial

UN Financial Support for AU Peace Missions: Somalia’s Crucial Test

The transition of the AU Mission in Somalia (ATMIS), scheduled to conclude in December, might serve as an experimental ground. The African Union is contemplating soliciting funds for a successor mission under Resolution 2719. Insiders from the Institute for Security Studies hint that this new mission could widen the spectrum and reach of troop-contributing nations, possibly bringing in forces from East and Southern Africa.Can Resolution 2719 be tapped to bankroll a post-ATMIS operation? Is that the wisest use of the…

Premier League Teams Unite to Enact Innovative Financial Regulations, Ushering Out PSR

Following Thursday's annual general pow-wow, Premier League clubs are set to pilot two avant-garde financial straitjackets starting next season. In an innovative twist, these fiscal constraints aim to coexist with existing Profitability and Sustainability Rules for the 2024-25 skirmishes on the grass. At this significant meeting, the honchos also nodded their heads to maintaining VAR in play. The proposed Squad Cost Rules will cap pitch-side expenses at 85 percent of a team’s takings, including the kerching from kicking…

Man City Chairman Al Mubarak Raises Alarm Over Premier League Financial Rules Jeopardizing Match Excellence

Manchester City chairman Khaldoon Al Mubarak recently voiced concerns following legal charges from the club against the Premier League. The legal pushback challenges the Premier League's Associated Party Transaction (APT) regulations linked to commercial and sponsorship engagements with entities related to the club's proprietors. Implemented in December 2021 after Newcastle United's acquisition by the Saudi Arabian Public Investment Fund, these regulations aim to curb overvaluation of business deals with owner-connected…

South Korea Commits Billions in Financial Support to Drive Development in Tanzania and Ethiopia

Tanzania and Ethiopia announced they've inked deals with South Korea, snagging billions in loans, all while giving South Korea a green light to tap into Africa's juicy mineral veins and wide export avenues. This week, South Korea is playing host to at least 30 top dogs, including those from Tanzania and Ethiopia, at a big South Korea-Africa powwow. Tanzania laid out plans to cop $2.5 billion over five years from South Korea, thanks to sweet loan terms. Also, the East African nation signed a couple of pacts letting South…

ATMIS Prepares Hirshabelle Law Enforcement for Enhanced Crackdown on Financial Crimes and Terrorism Financing

Jowhar (AX) - A noteworthy initiative led by the African Union Transition Mission in Somalia (ATMIS) has recently unfolded. The mission imparted specialized training to criminal investigation officers of Hirshabelle State, sharpening their acumen for uncovering and thwarting financial misdemeanors and curtailing terrorism financing. Enlightening both in theory and practice, these sessions enhanced their prowess in financial scrutiny, pursuit of money laundering, and decoding of fraud and corruption. The training also…

Revolutionizing Financial Institutions in Somalia: The Impact of Hassan Sheikh’s Reforms

In Mogadishu, Somalia, President Hassan Sheikh Mohamud is proud of the changes in the financial sector. The country struggled with debt for years, relying heavily on international aid. But now, Somalia has achieved debt relief and increased domestic revenue. President Mohamud spoke at the AfDBAM2024 in Nairobi about the progress despite challenges like security issues and disasters. Minister Bihi Iman Igeh highlighted the importance of regional integration for economic growth, expecting benefits from the Horn of Africa…

Enhancing Africa’s Development: A Fresh Approach to Financial Support

The African Development Bank Group has introduced a new Ten-Year Strategy 2024–2033 to enhance financing of Africa’s development agenda. The strategy aims to address pressing challenges and boost economic growth on the continent. During the launch of the strategy at the Bank Group’s Annual Meetings in Nairobi, President Akinwumi Adesina emphasized the importance of supporting African countries in the next decade. He highlighted the need to accelerate growth in the face of economic challenges. The impact of the COVID-19…

Revolutionizing Global Leadership: Redefining Financial Systems for Sustainable Economic Development in Africa

World leaders need to tackle the unfair financial system to drive sustainable growth in Africa. It is crucial to reform the global financial architecture to address crippling debt and climate threats in the continent. Developing nations, specifically in Africa, struggle with high interest rates and climate shocks, hindering their ability to invest in eco-friendly and climate-resistant development projects. This financial dilemma jeopardizes climate efforts and sustainable development targets. President William Ruto of Kenya…

Somali President Makes Grand Entrance in Nairobi for AfDB Annual Summit on Economic Transformation

Scheduled from May 27-31, the gatherings will feature the 59th Annual Assembly of the African Development Bank and the 50th session of the African Development Fund. This year's theme, "Africa’s Transformation, the African Development Bank Group, and Revamping the Global Financial Structure," underscores the critical nature of these goals.As Africa's premier financial body, the African Development Bank Group is committed to combatting poverty, enhancing living standards, and mobilizing resources for the continent's economic…

Deciphering How Financial Conglomerates Shape Somalia’s Tax System

Over the past ten years, the financial sector in Somalia has seen a significant rise in financial conglomerates, which include banks, mobile operators, and money transfer services. However, the taxation system for Somalia's financial services sector is not fully developed. Each entity within a conglomerate is subject to various taxes such as payroll, value-added, corporate income, regulator fees, bank levies, capital gains, and a financial transactions tax. Payroll taxation has recently begun, and conglomerates are typically…

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