financial

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…

Mogadishu and Ankara Forge New Financial Ties MOGADISHU, Somalia - In a move that underscores the deepening relations between Somalia and Turkey, their governments have inked a fresh financial cooperation deal. This step marks yet another milestone in a relationship that has notably blossomed over the past ten years. The accord was formalized on Monday by Somalia’s Defense Minister Abdulkadir Nur and his Turkish…

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.…