Al-Shabab ‘collects more revenue than Somali government’

Using intimidation and violence, Somalia-based Islamist militant group al-Shabab raises as much revenue as the country's authorities, a report says.
Wednesday, October 28, 2020

IMF board approves financing package to pave way for Somalia debt relief

- Advertisement -

The International Monetary Fund’s executive board has approved a financing plan that will help the IMF cover its share of debt relief for Somalia, IMF Managing Director Kristalina Georgieva said in a statement on Wednesday.

The financing plan includes cash grants from member countries and IMF internal resources, she said, without providing any further details of the financing package. Those funds will be used to clear Somalia’s arrears to the IMF.

“This marks a critical step in helping Somalia advance the process of normalizing relations with the international community and making progress toward achieving debt relief under the Heavily-Indebted Poor Country (HIPC) initiative,” Georgieva said.

- Advertisement -

A decision unlocking debt relief could come as soon as members provided the necessary financial commitments, assuming Somalia’s government continued its strong reform efforts, she added, without giving a specific date.

The African nation has about $5 billion in external debt, accounting for about 100% of its GDP, which the Fund has declared to be unsustainable.

Somali’s finance minister, Abdirahman Duale Beileh, welcomed the news in a posting on Twitter, adding, “We are grateful to all partners for their continued support in our journey to debt cancellation. We will march on with economic reforms.”

Beileh in October cited positive discussions with the United States, Somalia’s biggest creditor, Britain and others during the IMF/World Bank annual meetings, and said he expected a decision in favor of debt relief in February.

- Advertisement -

Georgieva on Wednesday described debt relief for Somalia was as a priority for the Fund and said she was encouraged by the support of IMF members on the issue.

Debt relief would “help unlock significant new financial resources to address Somalia’s large development needs and poverty reduction,” she said.

- Advertisement -
SourceReuters
- Advertisement -

Stay Connected

149,600FansLike
1,872FollowersFollow
786FollowersFollow
18FollowersFollow
5,660FollowersFollow
2,902SubscribersSubscribe

SOMALI NEWS

Al-Shabab ‘collects more revenue than Somali government’

Using intimidation and violence, Somalia-based Islamist militant group al-Shabab raises as much revenue as the country's authorities, a report says.
- Advertisement -

October 14 tragedy: Why Somalia needs a national biometric system

By Thabit MohamedFormer Mayor of Mogadishu and Governor of Benadir Region

Trump Demands Plan to Pull Hundreds of U.S. Troops From Somalia

President Donald Trump has told top advisers he wants to withdraw U.S. troops from Somalia, according to people familiar with the matter,...

Feared Shabab Exploit Somali Banking and Invest in Real Estate, U.N. Says

The Shabab, the Somalia-based militant group that is Al Qaeda’s most powerful ally in Africa, is not only collecting millions of dollars...

Alshabab Extremists release two Cuban doctors kidnapped in Somalia

The al-Qaida-linked extremist group al-Shabab has released two Cuban doctors who were kidnapped in Kenya and held for a year and a...

MORE NEWS

Al-Shabab ‘collects more revenue than Somali government’

Using intimidation and violence, Somalia-based Islamist militant group al-Shabab raises as much revenue as the country's authorities, a report says.

October 14 tragedy: Why Somalia needs a national biometric system

By Thabit MohamedFormer Mayor of Mogadishu and Governor of Benadir Region

Trump Demands Plan to Pull Hundreds of U.S. Troops From Somalia

President Donald Trump has told top advisers he wants to withdraw U.S. troops from Somalia, according to people familiar with the matter,...

Feared Shabab Exploit Somali Banking and Invest in Real Estate, U.N. Says

The Shabab, the Somalia-based militant group that is Al Qaeda’s most powerful ally in Africa, is not only collecting millions of dollars...

Former Islington mayor Rakhia Ismail quits Labour party over racism

The UK’s first hijab-wearing mayor has resigned from the Labour party citing racism and a “system that allows white men to have what they...

Alshabab Extremists release two Cuban doctors kidnapped in Somalia

The al-Qaida-linked extremist group al-Shabab has released two Cuban doctors who were kidnapped in Kenya and held for a year and a...

Somali National Army, Kenyan troops exchange gunfire at shared border

Somali and Kenyan troops engaged in a minutes-long firefight on Saturday at the two countries' shared border, local officials and witnesses said...

IMF Reaches a Staff-Level Agreement for the First Review of the Extended Credit Facility for Somalia

September 24, 2020End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country.

Trump won’t commit to peaceful transfer of power

US President Donald Trump has refused to commit to a peaceful transfer of power if he loses November's election.

Somalia’s Lawmakers Approve Roble ‘Swedish-Somali’ as New Prime Minister

The Somali parliament on Wednesday approved the appointment of Mohamed Hussein Roble as prime minister, less than a week after his nomination....

FEATURED POSTS

Feared Shabab Exploit Somali Banking and Invest in Real Estate, U.N. Says

The Shabab, the Somalia-based militant group that is Al Qaeda’s most powerful ally in Africa, is not only collecting millions of dollars...

As Somalia chooses delegate voting system, outsider sees his chances rise

For most of the Somalia presidential aspirants the Nation has interviewed so far, the aspect of replacing an incumbent who has ‘failed’ in his...

The rape and murder that shook Mogadishu

There are many violent incidents in Mogadishu that often go unnoticed. But when Hamdi Mohamed Farah was tossed over a six-storey building...

Somalia election: Old rivals unite to fight Farmaajo

In Somalia’s political scene, the revolving door is brutal and not even presidents can be safe.