IMF says the economic growth in this East African country could rise to 3% in 2019

News

How J.C. Penney Is Trying To Make A Comeback

As of April 2020, J.C. Penney saw its shares trading well below $1, and it has long been in danger of being delisted by the New York Stock Exchange. The fate of the company now rests in the hands of its new CEO, Jill Soltau, who took the reins in Oct

How Zoom Rose To The Top During Social Distancing

Zoom has gained an incredible amount of popularity, but that popularity comes at a cost. The company is under intense scrutiny now that hundreds of millions of people are using the platform. But Zoom is in the game for the long haul, if it can surviv

Expo 2020: Dubai as a springboard for doing business in Africa

Dubai based Phanes Group is an end-to-end solar power provider operating across Africa, the Middle East, Central Asia and the Commonwealth of Independent States. CEO Martin Haupts says the Phanes Group is a truly Dubai home-grown company. CNBC Africa's Chris Bishop caught up with him in Dubai and asked how Dubai is serving as a springboard for the company and their work in Africa.

NAIROBI (Reuters) – Somalia’s economy continues to recover, with growth expected to strengthen to 3% in 2019 from 2.8% last year, while inflation could ease to 3% from 3.2% over the same period, the International Monetary Fund said on Tuesday.

Somalia has been in turmoil since 1991, when clan-based warlords overthrew Siad Barre and then turned on each other. Over the past decade it has been hit by famine and sporadic terror attacks by al Qaeda-linked al Shabaab.

“Somalia’s economy continues to recover, supported by vigorous activity in the construction, telecommunications, and financial services sector in 2018,” said Allison Holland, who lead an IMF team discussing Somalia’s Article IV programme, in a statement.

“But the outlook remains vulnerable to the still fragile security situation, climate shocks and the still developing institutional capacity, and more is needed to improve economic resilience, increase employment and reduce poverty.”

An Article IV consultation is part of the IMF’s mandate to scrutinise the economic, financial and exchange rate policies of its members.

The Somali government has broadened the tax base and strengthened tax administration, boosting domestic revenue almost 30% to $184 million in 2018 from a year earlier, and to $54 million for the first quarter of 2019, Holland said.

Writing by Hereward Holland; Editing by Richard Borsuk

- Advertisement -
- Advertisement -

Featured

Rand hits record low, goes over 19 to dollar as Fitch downgrades SA further into junk status

Last Friday Moody’s, the last rating agency to rate South Africa investment grade, cut South Africa’s sovereign credit rating to junk in line with economists’ forecast. Today Fitch further downgraded the country sending the rand plunging over 19 rand to the dollar. Below it gives its reasons...

Subscribe to our newsletter

Sign up for free newsletters and get more CNBC AFRICA delivered to your inbox

How prepared is Nigeria’s health system to tackle the COVID-19 pandemic?

President of the Nigerian Medical Association, Francis Faduyile says it will be pretty difficult for Nigeria's health system to cope in the event of a large number of COVID-19 infections. He further notes that low health budgets over the years has made Nigeria's health system weak. CNBC Africa's Christy Cole caught up with him to assess the preparedness of Nigeria's health system against the COVID-19 pandemic....

Global Gender Summit: Highlights special of the 2019 Global Gender Summit

The 4th Global Gender Summit was organized by the African Development Bank and co-hosted by the government of Rwanda under the theme “Unpacking constraints to Gender Equality”. At the event, the African Development Bank and its partners officially launched the Risk Sharing Facility of the Affirmative Finance Action for Women In Africa, as the continent moves a step closer to bridging the financing gap that exists for women. CNBC Africa’s Kenneth Igbomor reports....

Op-Ed: Why the COVID-19 pandemic is no time for fiscal distancing

"Extraordinary times call for extraordinary measures. As such, it can no longer be business as usual".- Akinwumi Adesina, President of the African Development Bank

Can Cruise Lines Recover From Coronavirus?

The COVID-19 outbreak has laid waste to entire sectors of the global economy, but none faster than the cruise business. The pandemic has basically shut it down with the three largest publicly traded cruise companies suspending some, if not all, of th
- Advertisement -

More Articles Like This

- Advertisement -