financial

Mogadishu (AX) – In a momentous session held on a vibrant Wednesday in Somalia's capital, the Lower House of Parliament endorsed two pivotal pieces of legislation — the Insurance Companies Bill and the Financial Institutions Bill. Gathering at the heart of Mogadishu, these decisions weren't made lightly but rather with resounding consensus. A vote-out indicative of overwhelming endorsement saw the Insurance Companies Bill receiving 142 supportive votes, while the Financial Institutions Bill was close behind with 141…

U.S. Cuts Funds for Somalia’s Elite Danab Forces MOGADISHU, Somalia - In a move raising both concerns and eyebrows, the U.S. Department of Defense has trimmed the budget for Somalia's Danab Special Forces. This decision ripples through many minds, particularly those invested in the struggle against the relentless Al-Shabaab militants. The question lingering is: how will this funding cut reshape the landscape of Somalia’s security landscape, knowing Washington has been a vital lifeline for financially supporting this…

Ireland’s Position in Supporting Ukraine amid Uncertain Times In the ever-changing landscape of international politics, few situations stir as much emotion and concern as the ongoing conflict in Ukraine. Following recent comments from Simon Harris, the Tánaiste and Minister for Foreign Affairs, it’s evident that Ireland, alongside other EU member states, may soon be faced with the critical task of stepping up financial support for Ukraine. This need arises in the wake of potential withdrawal of American financial and…

In an obscure corner of the world, far from the eye of most international media, the Al-Karrar office has metamorphosed into something more sinister—a financial command center crafted intricately for the Islamic State’s sprawling empire, extending its dark reach from Afghanistan to Mozambique. Picture a warren of clandestine activities where ancient hawala networks blur seamlessly with cutting-edge cryptocurrency transactions, a place surviving on the gritty art of extortion. Entire economies within these insurgent zones…

Mogadishu (AX) – Within the escalating tides of conflict, the Somali government has embarked on a formidable campaign to dismantle the financial underpinnings that sustain terrorist organizations like al-Shabaab and ISIS. This strategic move aims to erode their entrenched influence in the region, a task riddled with complexity and fraught with peril. On a typically bustling Saturday in Mogadishu, an animated press conference unfolded. Among its distinguished speakers were Deputy Minister of Information Abdirahman Adala,…

Mogadishu (AX) — In a promising stride for Somalia, the nation has forged a significant partnership with Saudi Arabia to turbocharge development initiatives, courtesy of Saudi funding. This pact, inked at the heart of Mogadishu in the Ministry of Finance’s stately headquarters, saw Somalia’s Minister of Finance, Bihi Iman Egeh, and the Saudi Fund for Development’s helmsman, Sultan Abdulrahman Al-Marshad, sign on the dotted line with palpable enthusiasm. The significance of this occasion was underscored by Sultan Al-Marshad…

Galkayo (AX) — Picture this: midnight drama on the high seas as airwaves crackle with urgent distress signals. In an audacious move reminiscent of a bygone era, the MV Abdullah, a Bangladeshi cargo ship heavy with coal and dreams, was hijacked in March 2024, setting off a flurry of international whispers and nail-biting negotiations. Fast forward a few months, and the dust finally begins to settle. In a significant victory against maritime crime, Northeastern State authorities have successfully nabbed Ali Ahmed Ali Shirwa,…

Somalia's U-17 football squad squared off against Algeria in a crucial Africa Cup of Nations match, their performance a testament to their determination on the field. Wearing their distinctive blue kits, the young Somali players worked tirelessly to thwart Algeria’s aggressive advances, showcasing remarkable tenacity and skill. Mogadishu (AX) — In Uganda, the stage is set for the U-17 CECAFA qualifiers. Here, East and Central Africa's burgeoning football maestros will strive to claim their spots in the prestigious 2025…

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…