Abdulhakim Muse Omar The year was 1991, and Somaliaʹs civil war, which has ravaged the country for decades, has left millions of people displaced and…
Posts published in “Finance”
In a significant boost to Somalia's ongoing efforts towards development and stability, the European Union (EU) has approved a generous budget support payment of EUR 20.5 million to the Federal Government(FGS). This financial assistance comes as part of the EU's Somalia State and Resilience Building Contract and Support to Debt Relief Action (SRBC). Coinciding with this allocation, the FGS and EU have jointly launched the Joint Operational Roadmap, which sets out their shared priorities for the next two years.
The Inter-Governmental Authority for Development (Igad) has called upon its member countries to align diaspora transaction fees in an effort to increase remittance inflows. During a meeting with central bank governors from Igad member states in Nairobi, Igad executive secretary Workneh Gebeyehu highlighted that despite the region receiving substantial remittances from abroad, transaction rates remain significantly higher than the global average.
The World Bank has made the decision to suspend funding for humanitarian and development projects in the Democratic Republic of Congo (DR Congo), valued at over $1 billion. The suspension comes in response to the sudden dissolution of the project fund by the Congolese government, catching the lender off guard. The move will have a significant impact on more than 600,000 beneficiaries, including victims of sexual violence, according to a letter sent by the World Bank to Congo's finance minister.
The International Monetary Fund (IMF) and Senegalese authorities have reached a staff-level agreement on economic and financial policies, paving the way for a new financing arrangement. The agreement includes a 36-month Extended Fund Facility (EFF) and Extended Credit Facility (ECF) with access to approximately US$1.526 billion. Additionally, Senegal will receive support from the Resilience and Sustainability Facility (RSF) amounting to around US$327.1 million. The agreement is subject to approval by IMF Management and consideration by the Executive Board, scheduled for mid-June 2023.
On Wednesday, the Central Bank of Kenya (CBK) announced the release of the Kenya Quick Response (QR) Code Standard 2023, which is a set of guidelines for Payment Service Providers, banks, and other regulated institutions on issuing QR codes for digital payments. The launch was done in collaboration with Safaricom, Equity Bank, ABSA, KCB, Co-operative Bank, Visa, Mastercard, PesaPal, and FSD Kenya.
China’s loans for President William Ruto’s first full-year budget will be the smallest in 16 years as Beijing adopts a more cautious approach to lending in Africa where some nations have reached the limit of their borrowing capacity and the prospect of default looms.
Ahmed Hundubey, the Executive Director of Currency, Banking Operations: Central Bank of Somalia, outlines the priorities of the CBS. Ahmed Hundubey was born in Central…
China State Shipbuilding Corporation has signed a cooperation agreement with France’s CMA CGM Group to produce 16 large container vessels worth more than 21 billion…
Kenya is seeking Rwanda’s help to tweak its electronic billing system to ramp up tax collection, especially in the informal sector. The system has seen…