Sunday, August 14, 2022
  • Login
Upgrade
The Southern African Times
  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
  • Opinion
  • Sports
  • Lifestyle
    • Health
    • Culture
    • Food and Drink
    • Entertainment
  • SAT Jobs
No Result
View All Result
  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
  • Opinion
  • Sports
  • Lifestyle
    • Health
    • Culture
    • Food and Drink
    • Entertainment
  • SAT Jobs
No Result
View All Result
The Southern African Times
No Result
View All Result
Home Business

Somalia: Arrears owed to the African Development Bank Group cleared

by SAT Reporter
March 25, 2020
in Business, Just In
0
Somalia: Arrears owed to the African Development Bank Group cleared
0
VIEWS

Arrears on loans owed by Somalia to the African Development Bank Group have been cleared following the payment in full of $122.55 million by the governments of the United Kingdom and the European Union, marking the end of sanctions and the resumption of full re-engagement between the Bank Group and the East African nation. 

The long road to resolution of Somalia’s debt arrears began in 2014 and included the completion of three Staff Monitored Programs of the International Monetary Fund, and significant advances on a fourth program.

The process saw the high level of political commitment and consistent engagement of Somali President Mohamed Abdullahi Mohamed ‘Farmaajo’, and Prime Minister Hassan Ali Khayre. This translated into the implementation of reforms that gave confidence to international financial institutions, including the African Development Bank and the International Monetary Fund.

Speaking on behalf of the Somali government, Minister of Finance, Abdirahman Beileh, said: “The settlement of the arrears of Somalia to the African Development Bank, is a new beginning for us in Somalia. We stuck with our reforms, we were persistent, and it has paid off”.

In response, Bank President Akinwumi Adesina noted that it was a historic moment for Somalia. “I am absolutely delighted that the African Development Bank provided the leadership needed to push for and successfully negotiate the arrears clearance for Somalia. It was a reflection of the power of partnerships and consensus building,” Adesina said.

Adesina further noted, “I commend the government of Somalia for their diligence in implementing reforms, and the UK government and the European Union for paying off Somalia’s arrears to the African Development Bank Group. Together, we got it done for the people of Somalia.”

The Bank Group will immediately provide a new policy-based operation to help boost economic growth and accelerated development of Somalia.

The Bank’s current portfolio in Somalia totals $135 million, covering operations in the agriculture, water and sanitation, transport, social and energy sectors, and capacity building for multiple sectors of the economy.

Previous Post

Tokyo 2020 Olympics postponed to be held no later than the summer of 2021

Next Post

Afreximbank Announces $3-Billion Facility to Cushion Impact of COVID-19

SAT Reporter

Related Posts

African observers laud Kenya for holding free, fair elections

African observers laud Kenya for holding free, fair elections

by SAT Reporter
August 13, 2022
More African Central Banks Are Exploring Digital Currencies
Finance

More African Central Banks Are Exploring Digital Currencies

by SAT Reporter
August 8, 2022
What is at stake for investors in Kenya’s elections?

What is at stake for investors in Kenya’s elections?

by SAT Reporter
August 8, 2022
Ivory Coast president pardons predecessor Gbagbo to boost “social cohesion”

Ivory Coast president pardons predecessor Gbagbo to boost “social cohesion”

by SAT Reporter
August 8, 2022
Anglo American’s new boss sounds warning on future copper supply
Business

Anglo American’s new boss sounds warning on future copper supply

by SAT Reporter
August 4, 2022
Next Post
Afreximbank Announces $3-Billion Facility to Cushion Impact of COVID-19

Afreximbank Announces $3-Billion Facility to Cushion Impact of COVID-19

Browse by Category

  • African Continental Free Trade Area
  • African Start ups
  • Algeria
  • Analysis
  • Angola
  • Asia
  • BOTSWANA
  • Botswana
  • Burkina Faso
  • Burundi
  • Business
  • Business
  • Cameroon
  • Central Africa
  • China
  • Climate Change
  • Climate Changev
  • Congo Republic
  • COVID 19
  • Culture
  • Democratic Republic of Congo
  • Eastern Africa
  • Education
  • Egypt
  • Entertainment
  • Environment
  • Ethiopia
  • Europe
  • Fashion
  • Finance
  • Food
  • Food and Drink
  • Foods
  • Ghana
  • Global
  • Guinea
  • Health
  • Immigration
  • in Southern Africa
  • International news
  • Just In
  • Kenya
  • Lesotho
  • Libya
  • Life Style
  • Lifestyle
  • Malawi
  • Malawi
  • Mali
  • Markets
  • Middle East
  • Mozambique
  • Namibia
  • Nigeria
  • North Africa
  • Opinion
  • Politics
  • Rwanda
  • Senegal
  • Seychelles
  • South Africa
  • South Sudan
  • Sports
  • Startup Africa
  • STOCK EXCHANGE
  • Tanzania
  • Tech
  • Togo
  • Travel
  • Travel
  • Tunisia
  • Uganda
  • Uncategorized
  • West Africa
  • World
  • World
  • Zambia
  • ZAMBIA
  • ZIMBABWE
  • Zimbabwe

Browse by Tags

africa African business news Africa New Africa News african footballer African investments african markets African news African start-up banking Business China Classic Climate change Content currency Explore Bali Finance football Investment Life Style Markets Market Stories Namibia news Oilandgas oil and gas Opinion Pandemic Politics Premium Russia South Africa Southern African News sports Stay Home Travel United Kingdom United Stated Vaccine Work From Home Wuhan Zambia Zimbabwe Zimbabwe Harare Manufacturing Africa Employment creationn

WHO WE ARE

The Southern African Times is a regional bloc digital newspaper that covers Southern African and the world news. The paper also gives a nuanced analysis on news and covers a wide range of reporting which include sports, entertainment, foreign affairs, arts and culture.

Facebook Twitter Youtube Instagram Rss

Copyright © 2022 The Southern African Times | Powered by The Southern African Times

Privacy Policy

Terms and Conditions

  • Home
  • Southern Africa
  • Global
  • Business
    • African Start ups
    • African Continental Free Trade Area
  • Tech
  • Opinion
  • Sports
  • Lifestyle
    • Health
    • Culture
    • Food and Drink
    • Entertainment
  • SAT Jobs

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?