Africa 

Somalia not only rebuilding but thriving

After years of civil war and battling Al Shabaab militants Somalia seems to be putting itself back together. According to the African Union Mission In Somalia (AMISOM) the East African nation has a thriving real estate, with people developing the capital Mogadishu.

With the improving security situation, social life is thriving in Somalia

The road infrastructure is also improving in the country especially in the capital. The United Nations Office for Project Services has even launched US$ 9 million to expand municipal infrastructure. So far, the project has successfully delivered 4.9 kilometers of road in Garowe and 7.5 kilometers of road on Mogadishu, increasing access and economic activity in these regions according to a statement by UN Assistance Mission in Somalia?

The International Monetary Fund has also just announced its commitment to help Somalia access some debt relief and secure financial resources, a huge step towards rebuilding the East African nation. The latest IMF analysis of Somalia notes that the country is in “debt distress,” with its $4.7 billion in external debt equivalent to its entire GDP, and no way to repay any of it; 96 percent of Somalia’s debt is already in arrears, meaning even if it never borrows another dime, its debt burden will continue to grow, says Foreign Policy But the IMF is helping the country to clear its arrears and is talking to countries owed by Somalia to forgive the debts.

Follow and like us:

Related posts

RSS
Follow by Email