financial

Mogadishu (AX) — In a significant move towards bolstering Somalia's defense potential, Somali Defense Minister Abdulkadir Mohamed Nur shook hands on a financial defense pact with Turkey's Defense Minister, Yaşar Güler.The ceremonious event held in Turkey on Monday saw representatives from both Mogadishu and Ankara converge, underscoring the agreement's potential to both enhance Somalia’s defense infrastructure and elevate the two nations’ partnership.According to reports from Somali state-owned outlets, this fresh accord…

In a surprising turn of events, Somalia’s football organization has decided to bow out of the African Nations Championship (CHAN) 2025 qualifiers, citing financial woes as the chief reason. Somalia Football Federation (SFF) General Secretary Yusuf Ahmed shared this development, highlighting the persistent obstacles facing Somali football. “Financial constraints led us to this decision,” Ahmed divulged to Cecafaonline.com, noting the inability of the federation to rally the necessary funds for a national squad ahead of the…

**Analysis: The Financial Burden of Israel's Ongoing Conflict in Gaza and Rising Tensions in the Middle East** As the year mark approaches in the conflict in Gaza, Israel finds itself grappling with unprecedented economic strain. The surge in military expenditure and soaring government debt has cast a shadow over the nation’s financial landscape. With potential escalations into surrounding territories, a crucial question arises: can Israel sustain this level of financial commitment, and from where will the necessary funds…

"The definition requires broadening because businesses are indulging in activities that, while not criminal, significantly impact domestic resource mobilization." The world lacks a clear, universally agreed-upon explanation of illegal financial flows (IFFs), resulting in a myriad of interpretations. Illicit financial flows encompass unauthorized or unethical financial exchanges across borders, including money laundering, tax dodging, and the financing of terrorism. These flows seriously threaten, particularly impacting…

Swan praised Turkey for its role in easing tensions over the Red Sea access agreement, a pact causing friction between Somalia and Ethiopia with North Western State of Somalia in the mix. "I appreciate Turkey's mediation efforts, particularly the dialogues hosted in Ankara during July and August," he commented. He urged Ethiopia and Somalia to approach diplomatic talks earnestly and steer clear of moves that could escalate matters. "This is vital given the possible negative fallout for the region's stability, especially…

Mogadishu (AX) — The European Union (EU) has committed €9 million to Somalia's Federal Government (FGS) for advancing governance reforms. This funding, part of the EU's Somalia State and Resilience Building Contract (SRBC II), aims to boost public financial management and spearhead economic growth. The allocation will aid Somalia in bolstering domestic revenue collection, fortifying fiscal federalism, and enhancing social services, including public education through initiatives such as the National Teacher's Initiative.…

Aida Diarra, the bigwig behind Visa’s Sub-Saharan Africa division, couldn’t contain her excitement about the business tie-up. “Teaming up with UNDP Somalia lights us up as we aim to bring the digital age and financial services to every nook and cranny of the region. With our smarts in digital payments, we want to give Somali small business folks and underserved communities a real shot at economic strength and sustainable living," Diarra shared with palpable enthusiasm. Lionel Laurens, the go-to persona at UNDP Somalia, shed…

Somali Finance Minister Bihi Iman Egeh (center, right) spearheads a high-stakes dialogue at a major financial reform and economic development summit in Istanbul, Turkey. Key figures from Somali ministries and global partners are in attendance. Mogadishu (AX) — Wrapping up on Wednesday, a pivotal four-day conference focused on Somalia's financial overhaul and economic strides took place in Istanbul, Turkey. This gathering marked the second review of Somalia's Financial Reform and Economic Development Program, which enjoys…

Mogadishu (AX) — Somalia’s Auditor General Ahmed Issa Gutale has rallied substantial global support, particularly from Norway and leading audit institutions worldwide, to enhance the country's financial scrutiny. The 'Peer Support Project,' a collaborative initiative involving Somalia and global audit powerhouses like INTOSAI and AFROSAI-E, targets the enhancement of the country's financial oversight. Running through 2024, this project is geared towards solidifying governance through more robust audits and heightened…

Al-Shabaab Financiers Receive Sentences in Somalia MOGADISHU, Somalia - In a pivotal move against violent extremism, a Somali court handed down sentences to several sympathizers of Al-Shabaab after a prolonged trial. This legal victory marks a significant step in Somalia's ongoing battle to quell the terrorist insurgency that has plagued the nation for more than ten years. The Banadir Regional Court announced the sentences on Monday, convicting four individuals after substantial evidence demonstrated their involvement with…