Browsing: Somalia

In 1996 the World Bank, the International Monetary Fund (IMF) and other multilateral, bilateral and commercial creditors began the Heavily Indebted Poor Country (HIPC) Initiative.

The structured program was designed to ensure that the poorest countries in the world are not overwhelmed by unmanageable or unsustainable debt burdens. It reduces the debt of countries meeting strict criteria.

Two days ago, the Executive Boards of the International Monetary Fund (IMF) and World Bank met, on February 12 and 13, respectively, to consider Somalia’s eligibility for debt relief under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative.

The Executive Boards commended the authorities’ sustained commitment to economic and institutional reforms under challenging circumstances and agreed that Somalia is eligible for assistance under the Enhanced HIPC Initiative based on a preliminary assessment. This assessment is an important step towards forgiveness of most of Somalia’s debt, which measured US$5.3 billion at the end …

Kenya and Somalia have agreed to normalise bilateral relations starting with the restoration of the issuance of travel visas on arrival arrangement for citizens of the two nations.

The restoration of the visa on arrival arrangement is aimed at enhancing free and unhindered movement of people and commerce between Kenya and Somalia.

READ ALSO:Is oil wealth pitting Kenya against Somalia?

The agreement was reached during a meeting between Presidents Uhuru Kenyatta and Mohamed Abdullahi Mohamed of the Federal Republic of Somalia on the sidelines of the just concluded Nairobi ICPD25 summit.

During the meeting, the two leaders reaffirmed the invaluable relations that exist between Kenya and Somalia and agreed to explore avenues of strengthening bilateral and diplomatic ties between Nairobi and Mogadishu for the benefit of the citizens of the two nations.

President Mohamed conveyed his gratitude to President Kenyatta for the role Kenya continues to play in the …

Ethiopia will soon start importing cheaper refined oil from South Sudan to cover the more expensive product from the Middle East.

Ethiopia’s State Minister for Mines and Petroleum, Koang Tutlam announced on Wednesday that the move will save Addis Ababa 15 per cent to 20 per cent on the $3.4 billion it spends importing an estimate of four million tonnes of refined products.

While speaking to the media attending South Sudan Oil and Gas Conference in Juba, Mr Tutlam said, “We import almost all of our oil and other refined products from the Middle East, but owing to the proximity of about 200km between the oilfields of Pagak and Adar and the Ethiopian border, we stand to save so much.”

Mr Tutlam further added that Ethiopia exports hydroelectric power to South Sudan and will soon export about 400MW to Kenya.

The oil and gas conference was organised by South Sudan’s …

World Bank Vice President for Africa Hafez Ghanem has assured of the Bretton Woods institution’s support for Kenya’s Big 4 development blueprint which drives the government’s development agenda.

Ghanem has singled out the provision of affordable healthcare as an area that his organization is keen on collaborating with the government to ensure its success.

READ ALSO:Boost for Kenya’s Big 4 as World Bank extends US$250 million

“The World Bank is committed to supporting Kenya in advancing the Big 4 Agenda both in technical and financial cooperation,” Mr Ghanem said.

The World Bank VP was speaking when he paid a courtesy call on President Uhuru Kenyatta at State House, Nairobi.

President Kenyatta praised the collaboration between his administration and the World Bank, saying the partnership has seen implementation of projects that have impacted positively on the lives of Kenyans.

READ:World Bank gives Kenya US$750M loan, but why?

President Kenyatta …

While Kenya’s foreign affairs minister, Monica Juma, said she wasn’t aware of the incident, President Farmaajo on Friday avoided Nairobi for a connection flight to South Africa for Cyril Ramaphosa’s swearing-in ceremony.…