IMF

On the crisp morning of December 13, 2024, a monumental achievement dawned upon the nation of Somalia. After years of keen perseverance and unyielding efforts, Somalia reached the Highly Indebted Poor Countries Initiative (HIPC) Completion Point, ushering in transformative debt relief from major global financial institutions like the World Bank, African Development Bank, and, of course, the International Monetary Fund (IMF). This feat not only reflected Somalia's growing resilience and determination to break free from the…

The journey towards lasting prosperity for a nation is a multifaceted one, where national sovereignty and economic stability are crucial actors in the play. All these aspirations are harmoniously entwined by a singular thread: the necessity to keep national debt under control. Quotes often attributed to ancient wisdom remind us, "The art of living lies in the fine mingling of letting go and holding on." Similarly, managing a country's debt isn't just a balancing act; it's a dance between strategic…

Imagine the delicate fabric of a nation's economy, intricately woven with resources, ambitions, and policy decisions. This fabric can unravel if pressured by the burden of excessive debt, particularly when the debt is channeled from notable institutions like the International Monetary Fund (IMF). Have you ever contemplated how a country could potentially stumble, losing its balance in the dance of debt and growth? The reassurance of financial assistance during turbulent times is undeniably comforting, yet it…

Mogadishu (AX) – Whispers of ambition echoed through the grand halls of Riyadh as Somali government officials met with delegates from the International Monetary Fund (IMF) this past Monday. Their agenda? To chart a new course for Somalia’s burgeoning economy, while unlocking the potential of its untapped resources. Leading this quest was Finance Minister Bihi Iman Egeh, at the helm of a comprehensive team comprising members from crucial sectors: the offices of both the President and Prime Minister, Ministry of Finance,…

An expansive view of the bustling cityscape of Addis Ababa, Ethiopia, April 24, 2024. REUTERS/Tiksa Negeri/File Photo Purchase Licensing Rights In a world where financial stability often dances on the edge of chaos, the International Monetary Fund (IMF) has given Ethiopia reason for cheer. The IMF's executive board, like the proverbial knight in shining armor, signed off on the second review of Ethiopia's economic aid initiative on Friday. This momentous nod of approval unlocks a substantial disbursement of nearly $250…

A glimpse of the International Monetary Fund's HQ in D.C., U.S., captured on April 8, 2019. Photo credits © REUTERS/Yuri Gripas/File Photo. Inquiries for rights, contact us. Good news from the IMF! The Ethiopian government gets a green light for the $3.4 billion aid package, with $340.7 million unlocked. The folks at the IMF board gave a thumbs-up last Friday for the initial review of the deal. This backing stems from Ethiopia's summer deal, culminating in a four-year financial arrangement. The country's journey towards…

A view of the International Monetary Fund (IMF) headquarters in Washington was captured on April 8, 2019. Photographer: Yuri Gripas for REUTERS. Licensing available upon request. Kenya is eyeing an additional financial boost from the International Monetary Fund before the current year wraps up. They've entered discussions about merging the seventh and eighth evaluations of their economic support plan, according to the country's central bank leader, who shared this on Wednesday. Back in early June, Kenya and the IMF struck…

In a move egged on by Western allies, Kenya's leadership has nudged the International Monetary Fund to dive deep into examining its murky corridors of power riddled with graft, as revealed by a couple of folks in the know to Reuters. This kind of probe, tagged officially as a "governance diagnostic," can only kick off with the asking of the respective country. It's the IMF's way of sniffing out how corruption and shaky governance might be sapping a nation’s coffers dry or wreaking havoc on the financial commonwealth. "In…

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…

According to more than 2.8 million votes according to the final result of the first round, Hakainde Hichilema was elected the seventh president of Zambia. Zambians have raised their voices to this businessman, nicknamed "HH", largely for his promise to turn the economy around. From now on, the new head of state must meet voters' expectations.…