Friday, December 4, 2020

IMF Mission Team Declares Somalia Met Preconditions to Extended Credit Facility

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IMF Reaches a Staff-Level Agreement for the First Review of the Extended Credit Facility for Somalia subject to a follow-up Executive Board discussion and...

Somaliland: Berbera Airport Rebuilt to Match Best of the Best in Africa

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Work at the Berbera International Airport in Somaliland is almost complete with new infrastructure being put in place to make it one of the most modern aviation facilities in the...

Somali Money Transfer Companies Amal, Iftin Moved Millions for Suspected Armed Dealers – Report

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Somali money transfer companies moved more than $3.7 million in cash between suspected weapons traffickers in recent years, including to a Yemeni under U.S....

Ethiopia to Demonitize its Economy with New Currency to Stop Hoarding

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The Ethiopian government has unveiled a set of new bank notes as a part of its efforts to curb cash hoarding, illegal trade activities,...

Somalia: Auctioning OIl Blocks Illegal

There are serious concerns about the legality of the current “Production Sharing Agreements”. Troubling questions also persist over how foreign companies managed to secure...

Somaliland: Berbera Receives a Sanmar-Built Dogancay Class Tugboat

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P&O Maritime Logistics (P&OML), the marine services arm of global port operator DP World, has taken delivery of a Sanmar Shipyards-built tug for the...

Controls on Remittances Risk Driving Financial Flows to Somalia Underground

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Remittance companies are a crucial mechanism for transferring cash to Somalia, where the fledgling formal financial sector remains largely isolated. Despite improvements, Somalia struggles...

Somaliland: Trafigura Delivers First Shipment of Low Sulphur Gasoil to Berbera

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The move comes as part of Trafigura’s investment in terminal facilities. The gasoil delivery was part of a storage agreement signed with the Somaliland Ministry...

Somalia Renegotiates Mogadishu Port Concession with Turkish Al Bayrak (+Comments)

In 2018, following FGC advice, FGS commenced renegotiation of the Mogadishu port contract which had been signed with a Turkish firm, Al Bayrak, in...

Qatar Airways Resumes Three-weekly Flights to Mogadishu

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Qatar Airways will resume three-weekly flights to Mogadishu, Somalia from September 6. Service to the capital city of Somalia will be operated by an Airbus...