Treasury Secretary Ukur Yatani will Thursday afternoon rally the nation behind his Sh3.2 trillion Budget for the year starting July 1, and which includes new taxes on items like cooking gas and bread and a stimulus package to jumpstart an economy ravaged by the Covid-19 pandemic. Mr Yatani will be presenting his maiden Budget Statement

Photo/Somali Times The Bank’s current portfolio in Somalia totals $298 million, covering operations in agriculture, water and sanitation, transport, social and energy, and multi-sectoral projects In early 2020, Somalia, with support from the United Kingdom Government and the European Union, settled its arrears to the African Development Bank, paving the way for the lifting of

Dubai said on Tuesday that its ruler Sheikh Mohammed bin Rashid al-Maktoum is making state-linked property firm Meraas part of his Dubai Holding investment vehicle. The move, which was announced in a statement by Dubai’s media office, follows a sharp downturn caused by the coronavirus crisis, which has hit the emirate’s main economic sectors of

Cash reimbursed to Kenya for its troops fighting Al-Shabaab militia in Somalia by the European Union (EU) and its partners in the first 10 months of the current financial year declined by a third amid the ongoing fight against global Covid-19 pandemic and Nairobi’s gradual withdrawal of the forces. Latest exchequer statistics show refunds from

Air France: Photo Credit (Associated Press/Francois Mori) PARIS (AP) — France’s government is pumping 15 billion euros ($16.9 billion) in rescue money into the pandemic-battered aerospace industry, in hopes of saving its hundreds of thousands of jobs and keeping plane maker Airbus and national airline Air France globally competitive. In exchange for aid, companies will

Photo/Somali Times Somali Foreign Minister Ahmed Issa Awad in an exclusive 25-minute interview with Al-Araby Television spoke on a number of issues concerning the country’s foreign policy, and was asked about the country’s pivotal role. Has regional, Arab, African and international issues. The Minister, who appeared to be a highly publicized figure, answered these questions

A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, June 8, 2020. Shares have advanced in Asia Monday after surprisingly strong U.S. jobs figures helped power a surge on Wall Street. (AP Photo/Ahn Young-joon) Shares advanced Monday in Asia, buoyed by surprisingly

The Central Bank of Kenya. The proportion of defaulted bank loans has hit a 13-year high, reflecting the cash flow burden on workers and businesses brought about by coronavirus disease hardships. Data from the Central Bank of Kenya (CBK) shows that the ratio of non-performing loans (NPLs) rose from 12.5 percent to 13.1 percent –

General view of Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah The value of Saudi Arabia’s oil exports plunged by 21.9% year on year in the first quarter to $40 billion, corresponding to a decline of about $11 billion, official data showed on Sunday. Brent crude

Egypt’s President Abdel Fattah Al-Sisi approved a second loan agreement worth 26 million Kuwaiti dinars ($84.5 million) to be offered by Kuwait for Egypt to fund the establishment of the Sharm El-Sheikh Tunnel Road. The presidential decree appeared in the official Gazette yesterday. The first loan agreement between Egypt and the Kuwait Fund for Arab